Body-tagging as a means of identification for payment is an old idea, almost 2000 years old at least, perhaps longer ...
From the New Testament, Revelations, chapter 13: "Then I saw another beast, coming out of the earth ... He exercised all the authority of the first beast on his behalf ... He also forced everyone, small and great, rich and poor, free and slave, to receive a mark on his right hand or on his forehead, so that no one could buy or sell unless he had the mark, which is the name of the beast or the number of his name."
Equipment and I.T. systems to enforce biometric/body-tagging systems are costly, but then coins are costly too, and are subject to counterfeiting.
The ultimate rationale for a plasticless, cashless system though will be less in transaction costs than in control and elimination of counterfeit currency, money-laundering, payment in currency for corporate and political corruption. In such a system all money flows are visible to someone at some level, and corrupt transactions will become for-barter only. Of course, the central overseeing authority will become corrupt, which the Revelations passage hints at.
From the New Testament, Revelations, chapter 13: "Then I saw another beast, coming out of the earth ... He exercised all the authority of the first beast on his behalf ... He also forced everyone, small and great, rich and poor, free and slave, to receive a mark on his right hand or on his forehead, so that no one could buy or sell unless he had the mark, which is the name of the beast or the number of his name."
Equipment and I.T. systems to enforce biometric/body-tagging systems are costly, but then coins are costly too, and are subject to counterfeiting.
The ultimate rationale for a plasticless, cashless system though will be less in transaction costs than in control and elimination of counterfeit currency, money-laundering, payment in currency for corporate and political corruption. In such a system all money flows are visible to someone at some level, and corrupt transactions will become for-barter only. Of course, the central overseeing authority will become corrupt, which the Revelations passage hints at.