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> And is there a special license for being allowed to create money?

The difficulty is not in letting people make accounts and setting balances on those accounts. The difficulty is getting everyone to not immediately withdraw the entire balance as cash.

There are regulatory hurdles, but they're very much secondary.

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But the banks are owed all the money anyways because they own a matching loan for the same amount.

The banks are owed all the money plus interest

Right. And you can make a balance+loan agreement with someone if you want. The issue is trying to hang onto the money while also loaning it out.

If everyone immediately took loans in cash form and they never got deposited back to banks, then banks wouldn't be able to create money via loans either.

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