ABSTRACT
Even physical cash is nothing more than a transportable record of spreadsheet operations that have occurred in the banking system’s double-entry bookkeeping system. When cash is issued to people at cash-points, certain accounts are debited; when cash is ‘paid in’ to one’s account at a bank, those accounts are credited. Cash is used for payments of goods and services as well as for settlement of debts and tax liabilities. Electronic ‘deposits’ in bank accounts can be used for the same purpose, by means of transferring ‘funds’ from one account to another. In today’s world, payment and credit systems are tightly interconnected.
