Credit cards are centrally managed by a bank, need network communications and have transaction reversibility. This is literally a P2P system and their solution to avoid double spends is to have the device's root user not be the owners of such devices basically with something that is TPM like.

If you break the TPM and get device or key control, then you can double spend. Double spending victims will find out they've been fooled when they go redeem their ecash for non-ecash and find out someone else already redeemed it.

This is why bitcoin was such an innovation, because it prevented double spending, and it also made it you didn't need to trust a central ledger database maintainer (aka bank) to not mess with the ledger either and it let you do it over a distributed network!

I think they're really talking about chaumian ecash with this act: https://en.wikipedia.org/wiki/Ecash