On Fri, 27 May 1994, Perry E. Metzger wrote:
Rolf Michelsen says:
Before you get too enthusiastic remember that electronic cash is not legal tender
I have to mention, yet again, that this sort of phrasing is a product of the notion that digital cash is somehow a currency. It is not. It is an anonymous money transfer method. Saying "digicash is not legal tender" is sort of meaningless -- the real question is "is the currency being transfered legal tender".
Yes, and if you had quoted my entire message you would get my point. Since electronic cash is not legal tender -- just a way of transfering legal tender -- a clearing system which administrates the "real flow of money" must exist so that participants can exchange their "transfer tokens" to "real" cash. -- Rolf ---------------------------------------------------------------------- Rolf Michelsen "Standards are wonderful -- Email: rolf.michelsen@delab.sintef.no everyone should have one" Phone: +47 73 59 87 33 -- Ancient FORTH proverb ----------------------------------------------------------------------