Does anyone know of a law, rule, regulation, or other restriction that would prohibit the establishment of a simple cypher based bank? I can think of 3 basic areas that would have to be satisfied: 1. Federal law and agencies, Federal Reserve, etc.. 2. State and local (California for me). 3. Internet "Appropriate Use" policy. If the bank is operated on a not-for-profit basis --as an experiment. Then that should satisfy the appropriate use requirement. I could use some comments if anyone can cite specific federal or California regulations. Please respond either to me directly, donb@netcom.com, or to this mail list. -------- The cypher bank would work like this: I would publish my physical address; and offer to accept deposits by cash, check, or what have you. With the deposit, write on it your PGP handle. Email me your public key corresponding to the handle on the deposit. I will maintain a public list showing handles vs. Amount received, in collection, and in escrow.(Set Subject = "BANK" to get the list) Funds will be paid out based on instructions encyphered with your private key. Comments would be appreciated. Don Bellenger donb@netcom.com