Law Commons^™

The New Old Law Of Electronic Money, James S. Rogers

James S. Rogers

A variety of electronic money systems have recently been proposed or implemented in which the initial transaction between the parties would—without any contact to the banking system—result in the instantaneous transfer of bank credit. For example, “smart-card” systems and various systems that have been proposed for internet payment transactions would operate by loading transferable value onto a device, so that a payment transaction could be completed by a transaction between the parties, without any contact to the banking system. It is generally assumed that there is no present law, statutory or judge-made, that applies directly to such electronic money systems. …