e$ : NetBank legality

I'm curious about the legality of NetBank in the context of our earlier discussions about demand deposits and Chaum cash. These people will take your money and give you electronic tokens, and they will take the tokens and give you cash (minus 20%). Does this sound legal? Are they a bank? I wonder what their tax liabilities are. Sales tax on selling the tokens? Is this a barter system? If so, they're supposed to get SS#'s and such. Maybe you have to give that information if you sign up as a vendor, but legally I'd think ordinary users would have to be reported to the IRS as well, and it doesn't sound like they're doing that. This whole thing sounds pretty questionable legally. It will be interesting to see how it comes out. Hal