German Federal Bank opposes e-cash

[um@c2.org (Ulf Moeller)]

[What follows is my translation of a Reuters news item as seen on a
mailing list.]

"Risks with computer money"

Frankfurt - the Federal Bank has once more warned against security risks
with computer money. There is the danger that "Cyber-Money" stored in
computers be counterfeited, said Directory Board member Edgar Meister
at a conference in Schwaebisch-Hall. In addition there were the danger
of money laundry, because the computer money could be wired across
borders without problems. Meister announced that, if necessary, the EU
Central Banks would take counter-measures, should computer money and
re-loadable payment cards endanger the monetary policy. (rtr/18.6.96)