German Federal Bank opposes e-cash

[What follows is my translation of a Reuters news item as seen on a mailing list.] "Risks with computer money" Frankfurt - the Federal Bank has once more warned against security risks with computer money. There is the danger that "Cyber-Money" stored in computers be counterfeited, said Directory Board member Edgar Meister at a conference in Schwaebisch-Hall. In addition there were the danger of money laundry, because the computer money could be wired across borders without problems. Meister announced that, if necessary, the EU Central Banks would take counter-measures, should computer money and re-loadable payment cards endanger the monetary policy. (rtr/18.6.96)