E-cash & G10 in the news
E. ALLEN SMITH
EALLENSMITH at ocelot.Rutgers.EDU
Fri Jul 5 20:53:37 PDT 1996
It's interesting but actually unsurprising that they're looking at the
cash cards before they are the Internet money exchange stuff. They haven't
spotted exactly how much of a difference the latter can make - the former will
act about like cash at "worst" from their viewpoint.
-Allen
> Reuters New Media
> _ Friday July 5 12:27 PM EDT _
>G10 mulls effect of E-cash on policy and fraud
> ZURICH - The threat of fraud, money laundering and tax evasion from
> new electronic payment systems will be high on the agenda of Monday's
> monthly meeting of Group of 10 (G10) central bankers at the Bank for
> International Settlements (BIS).
> The central bank governors will be briefed on two reports that examine
> the implication of emerging forms of payment -- electronic purses,
> e-cash, cybercash -- on monetary policy and whether it will open the
> way to widespread fraud.
> With big banks already waging a fierce battle to set a new global
> standard for electronic cash, central bankers want to stay on top of a
> technology that is not only likely to destabilize monetary aggregates,
> but also holds out the promise a cashless society and threatens the
> monopoly of central banks to issue notes and coins.
> William McDonough, president of the New York Federal Reserve and
> chairman of the G10 Committee on Payment and Settlement Systems, will
> brief his colleagues on electronic money and fraud, money laundering,
> counterfeiting, tax and legal issues.
> The other report, to be presented by Charles Freedman, Bank of Canada
> deputy governor, explores the issue of electronic money and monetary
> policy.
> Whether G10 governors take action or merely note the reports and let
> them fade into the BIS archives is uncertain. An initial decision will
> probably be taken at the meeting.
> The two reports will focus mainly on the implications of prepaid cards
> rather than so-called network money, cybercash or digital cash as the
> latter is less developed.
[...]
> The concept of electronic money covers a wide range of new payment
> methods ranging from multi-purpose, rechargeable prepaid cards, such
> as Mondex, to forms of digital cash or cybermoney that enable shoppers
> to pay for goods over the Internet.
[...]
> Copyright, Reuters Ltd. All rights reserved
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