Accountable Anonymity for Public Money (DRAFT v0.2)

Public money is going digital, and every design on the table pays for the convenience with a ledger its issuer can read, freeze, and mine. Cash resists surveillance, but only by keeping no evidence at all: no proof of payment, no recourse, no trail. This paper presents BUCK Notes, a bearer-payment layer for an identity-aware stablecoin that refuses both defaults. No one can trace payments in…