10.9.1. In terms of banking laws, cash reporting regulations, money
laundering statutes, and the welter of laws connected with
financial transactions of all sorts, the Cypherpunks themes
and ideas are basically _illegal_. Illegal in the sense that
anyone trying to set up his own bank, or alternative currency
system, or the like would be shut down quickly. As an
informal, unnoticed _experiment_, such things are reasonably
safe...until they get noticed.
10.9.2. The operative word here is "launch," in my opinion. The
"launch" of the BankAmericard (now VISA) in the 1960s was not
done lightly or casually...it required armies of lawyers,
accountants, and other bureacrats to make the launch both
legal and successful. The mere 'idea" of a credit card was
not enough...that was essentially the easiest part of it all.
(Anyone contemplating the launch of a digital cash system
would do well to study BankAmericard as an example...and
several other examples also.)
10.9.3. The same will be true of any digital cash or similar system
which intends to operate more or less openly, to interface
with existing financial institutions, and which is not
explicity intended to be a Cypherpunkish underground
activity.
By Tim May, see README
HTML by Jonathan Rochkind