From: shamrock@netcom.com (Lucky Green)
Date: Thu, 4 Jan 1996 07:01:40 +0800
To: Alex Strasheim <cp@proust.suba.com>
Subject: Re: Starting an e-cash bank
Message-ID: <v02120d0fad10a42529be@[192.0.2.1]>
MIME-Version: 1.0
Content-Type: text/plain


At 13:25 1/3/96, Alex Strasheim wrote:
>> What does it take to be called a bank?
>
>Is it necessary to be called a bank?

To get a license for the bank software from DigiCash, you have to convince
them that you are a major player in whatever country you are in or have to
offer some exceptional additional value to the service.

>I've got a storefront in Chicago.
>What would prevent me from opening up a Mark Twain account and buying and
>selling ecash on floppies, in person?

You touched on a very important issue: the party converting currency into
Ecash does not have to be the Ecash bank. There have been discussions that
in the future one should be able to buy Ecash on floppy at the local
supermarket, similar to today's prepaid calling cards. I certainly would
like to see that happen rather sooner than later.

It is my understanding that you would be welcome to issue MT Ecash for USD.
Here is another business opportunity: MT Bank does not allow the purchase
of Ecash by credit card, since they consider the risk of chargebacks
unacceptable. This might be a market for a third party.

>Do account holders have to agree
>not to do that before Mark Twain gives them an account?  Is it illegal?

MT Bank doesn't mind. IANAL.

<speaking only for myself>

-- Lucky Green <mailto:shamrock@netcom.com>
   PGP encrypted mail preferred.