Oh. That's easy. Check out the essay section of <http://www.philodox.com/>
"Notice a few things about the mechanics of the model. First, everyone who puts money onto the net, or takes it off, is identified to the complete satisfaction of government regulators everywhere. Digital bearer cash is treated just like physical cash in the eyes of regulators, and is subject to the same regulations. There is no functional difference between a digital cash underwriter and an ATM machine."
Render unto FinCEN. No problem. Flatland can't reach the sky no matter how hard they try. (hey. I'm rapping... pbbbt. tht. pbbbt. pbbbt. tht... :-))
It is the financial foundation for a cyber world where regulators will probably have a great deal of trouble operating. They may have no choice but to settle for taking their cut at the borders. I still see many of the same old problems when attempting to trade hard goods, at least in large quantities. The problem of having to explain how you came by a 6000 sqare foot home on 100 acres of mountainside in Lake Pacid is not solved. It's not a total solution but it looks good. It could be a great way to save for retirement - nobody can tell how much E$ you have accumulated, where it came from or where you keep it. Just draw it out as you need it, pay your taxes at the gate and use the 5th when necessary. Regards, Mike