1994-05-18 - Re: Makeing MagicMoney worth something.

Header Data

From: “Perry E. Metzger” <perry@imsi.com>
To: hughes@ah.com (Eric Hughes)
Message Hash: e4bca0e3a7dd4662e3b4fb3746e54e6d80f96de61507610202c6827975cd8790
Message ID: <9405181227.AA02210@snark.imsi.com>
Reply To: <9405180517.AA05379@ah.com>
UTC Datetime: 1994-05-18 15:34:10 UTC
Raw Date: Wed, 18 May 94 08:34:10 PDT

Raw message

From: "Perry E. Metzger" <perry@imsi.com>
Date: Wed, 18 May 94 08:34:10 PDT
To: hughes@ah.com (Eric Hughes)
Subject: Re: Makeing MagicMoney worth something.
In-Reply-To: <9405180517.AA05379@ah.com>
Message-ID: <9405181227.AA02210@snark.imsi.com>
MIME-Version: 1.0
Content-Type: text/plain

Eric Hughes says:
> If the value transferred is liquid, and the payment is made upon
> demand, then, in fact, you are a bank, regardless of what else you
> might call yourself.  This is the case in the USA.  Canada certainly
> varies, as does the rest of the world.

Well, there is ONE subtlety -- entities like mutual funds and
securities broker/dealers are not considered banks qua banks under
American law -- they are, of course, even more stringently
regulated anyway. There are various subtleties that say whether you
come under Fed or under SEC regulation.