Author Junichiro Tanizaki’s (1886-1965) “Chiisana Okoku” (The small kingdom) is a disturbing short novel.

The trouble begins when a new student by the name of Numakura transfers to the elementary school where the protagonist teaches.

Numakura quickly asserts absolute leadership over the student body and starts issuing what is called “Numakura currency” behind the backs of the teachers and parents.

The students bring to school various items stolen from their homes and trade them with this currency to develop their own economy.

The protagonist at first chides the students. But when he doesn’t have enough money to buy milk for his baby, he becomes Numakura’s underling and obtains the currency.

With a fear-inspiring smirk on his face and bloodshot eyes, Numakura taunts the protagonist, “Teacher, why don’t you ask for a share of the Numakura paper money now and play with us?”

Obviously, the Numakura currency is neither exchangeable with any real currency, nor underwritten by the government. However, it remains stable thanks to Numakura’s high credibility. As it continues to circulate strictly among the schoolchildren, the distribution of wealth gradually grows even–an outcome I found incisively ironic.

Reading this novel written more than a century ago, I thought about the crypto assets often in the news today.

The technology seems to have the support of all crypto sellers and buyers to share the ledger without government or corporate interference. According to a U.S. survey, 90 percent of respondents said they would buy the technology to manage their money better and more directly.

However, crypto prices are volatile and give the strong impression of being high risk. And earlier this month, there was a stir when the Twitter logo changed from the familiar blue bird to a Shiba inu dog.

The latter is the logo of dogecoin, the crypto currency supported by Elon Musk, Twitter’s owner and CEO. In the immediate aftermath of the logo change, dogecoin’s value skyrocketed temporarily.

In the Tanizaki novel, the protagonist almost pays for milk at a real store with Numakura currency and comes to his senses in the nick of time.

When people lose themselves in greed, will any money game turn into a bottomless swamp?

–The Asahi Shimbun, April 21

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Vox Populi, Vox Dei is a popular daily column that takes up a wide range of topics, including culture, arts and social trends and developments. Written by veteran Asahi Shimbun writers, the column provides useful perspectives on and insights into contemporary Japan and its culture.