I was wondering whether a particular system of currency that I designed for a kingdom in my world would be feasible. The government is a heavily bureaucratic monarchy, and all of the government has access to powerful enough magic to make keeping millions of years worth of detailed daily records possible, and the perfect memory and mental arithmetic to handle detailed record-keeping.
The theoretical currency of this kingdom is gold coins, which are used for most customer-merchant or client-provider transactions.
However, the majority of transactions are conducted on paper by the record-keepers and calculators of the Ministry of Finance and the Royal Treasury, which maintains ledgers for every government ministry and bureau, all registered and licensed merchants, and particularly wealthy citizens. All transactions, including payroll, taxes, business transactions, loans, payment of interest, and so forth, between two parties with ledgers maintained by the Ministry are conducted arithmetically, the balance subtracted from the paying party's ledger and added to the paid party's ledger, and each addition or subtraction notated with the time and detailed nature of the transaction. Upon request, anyone can exchange mathematical currency for hard gold or liquid paper money-slips, which operate on the same principle as paper currency but are not printed in fixed denominations, and are printed only upon request. These money-slips are exchanged for mathematical value on ledgers, or directly exchanged for gold by any party in possession of them.
Is this viable as an economic system, and what are any implications or consequences of such a system, given that it was continuously in use for tens of millions of years (or more) and that the material/computational/physical limitations are effectively null due to widespread high-level magic?