Thanks to IG, we've put a copy of the BIS report on E-money at: http://jya.com/bis_emoney.html Here's a blurb from the intro: Implications for Central Banks of the Development of Electronic Money October 1996 Since the end of 1995 the central banks of the Group of Ten (G-10) countries have been studying the development of electronic money and the various policy issues which it raises. Much of this work has been carried out by the Committee on Payment and Settlement Systems (CPSS) or by monetary policy experts from G-10 central banks. Electronic money was discussed by BIS member central banks at meetings in Basle in July and September 1996. In August, the BIS published a report on the Security of Electronic Money prepared by the CPSS and the Group of Computer Experts. This report provides a definition of electronic money and a description of its key features. It discusses the factors influencing the development of e-money products. Finally, it reviews the policy issues raised by e-money developments, as seen from a central bank perspective, and discusses the possible policy responses. --