I just had a very pleasant conversation with the California State Banking Department; they are sending me copies of the relevant laws, and applications for the necessary licenses to sell negotiable instruments and transmit money overseas. I spoke with an examiner and she didn't seem to think there was anything special about them being _digital_ negotiable instruments. Apparently it involves a $5,000 non-refundable application fee, background investigations, examination of the soundness of the corporation, and the posting of a bond proportional to the anticipated volume (updated if volume is larger.) All very reasonable. Those who might be intereted in actually doing something with this information should contact Alicia Adoc at (415) 263 8549, or the banking department in the applicable state.