While new antifraud measures are clearly beneficial, another use of cryptography, encryption, is controversial. Encryption technology can make electronic money private and anonymous. On the one hand, the fbi supports current laws that prevent American companies from exporting secure encryption products without special government-access backdoors. On the other hand, privacy advocates point out that criminals can already buy strong encryption products from dozens of non-U.S. companies, and they fear that even if America never has another McCarthy era, other countries will inevitably use backdoors to identify and monitor dissidents. In addition to complicated privacy issues, challenging technical hurdles remain.
Cryptographic keys are difficult to manage securely.
If we take the long view of history, money was not necessary until very recently. Already cash has become the domain of poor people and poor nations. Similarly, in the richer countries, only the poor and criminals use large amounts of cash. And checks are on the verge of obsolescence. We might have Warren Buffett or Bill Gates money.