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The Future Of Digital Cash Is Not On The Blockchain by Gilad Edelman

If you want the privacy of paper money, you need something that leaves no paper trail.
“If we’re to have a public option for digital finance, it needs to include everyone,” says Raúl Carrillo, a researcher at Yale Law School, who like Grey consulted on the legislation. “A key part of that is being able to go offline.” What would that look like? The Treasury would issue digital dollars, just as it has issued paper money since the 1860s. To function as cash, the money can’t live on the government’s books or on a distributed blockchain ledger. That means balances must be stored on hardware. That could look like a stand-alone device, or it could be a secure hardware environment on your cell phone, similar to a SIM card—essentially a chip that is physically segregated from the rest of the device, so that it doesn’t depend on the security of the entire operating system.
https://www.wired.com/story/digital-cash-ecash-act

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