@Billbags: Thanks for the questions.

P2P: System is a mixture of P2P and non-P2P. P2P when exchanging assets and paying another person with an account at the same bank. Non-P2P when payments cross the boundary of an individual bank.

Mining: There is no mining.

Banker and Government ran: Banks can issue as many assets as dictated by daily operations and reserves. The ledgers are maintained in a decentralized fashion. This kind of decentralization is very useful in mediating interactions between banks, and the article explains why.

Basic ACH 2.0: Yes, it is supposed to be ACH 2.0 + Stock Market 2.0 + FedWire 2.0 + Contracts 2.0.

The paper considers the following question: What system can we design if financial institutions (banks plus others) tracked asset and liability balances using public decentralized cryptographic ledgers with inbuilt scripting languages?