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The legal issues involved in setting up a real world money system are enormous.<<<

No need. This is the advantage of piggy backing a digital cash application onto an existing offshore financial institution. It is true that if I sat in the US and started to offer digital cash accounts I would be subject to a lot of regulation. DC would probably be held to be a 'security' and there are all sorts of financial regulations involved. It might be possible to get a regulatory waiver for an experimental system if we got an academic partner like the Iowa Political Stock Market which also traded 'securities' with account sizes up to $1,000. On the other hand, other jurisdictions are not as regulated as the US is. Generally, solicitations for unregistered securities cannot be directed to Americans except in international publications. I would advocate that all physical mail involved in such an application be sent and received overseas (The City of London would be convenient) and that all email be sent via Julf's remailer. We could also start an internet DC email group (as a feedback and semi-advertising medium) sent from Finland. (Julf willing of course.) It would be interesting to see the litigation about whether or not such a publication is a "domestic" publication. It should be easy to find non-US residents to be the nominal "publishers." Now all we need is a banking haven jurisdiction with good internet connections... I *have* been looking. Duncan Frissell -----BEGIN PGP SIGNATURE----- Version: 2.2 iQCVAgUBLB36L4VO4r4sgSPhAQFGswQA3JTCDiFHPfazuWYo8+4BALg4cvGFWVXq mBJYhx7avEWUYIqZOK5b/XinmmJvoPNxAIKhjk/bNDOxq21kAKE/29PPygQgSXt8 uQPcG45MB5tBwS6fBNuSG/4uljiPveAYvD5xU0JuOGev03Zd8FOV9tvRsBiYGudn eGeH96j0Oxc= =wVQT -----END PGP SIGNATURE-----