Held in Washington, D.C., the meeting brought CIOs from leading corporations and a select group of government's information technology officials together to discuss digital money, emerging technologies, and the continued search for qualified IT staff. And the Struggle for Financial Freedom. Donning his favorite tie, decorated with dollar bills, and armed with his pocket-sized edition of the Constitution, the former Chief Economist for the U.S. Chamber of Commerce discussed the issue of digital money.
New technologies allow consumers to make purchases without handling hard currency, cash.
The Internet and electronic commerce eliminate even the need for smart cards. In the digital age, money is nothing more than information and financial transactions are simply the instantaneous, simultaneous transfer of that information. Online financial institutions go to great lengths to ensure the personal information the customer entrusts them with is secure. Wielding his faithful pocket Constitution, Rahn questioned the federal government's right to access personal information, specifically access to individual financial accounts. As the U.S. moves closer to a cashless society, digital money and the Internet create a historical opportunity for government to reexamine its tax code.