Re: German Federal Bank opposes e-cash

[jim bell <jimbell@pacifier.com>]

At 12:25 PM 6/19/96 +0200, Ulf Moeller wrote:
>[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.

Then the banks just need to be more careful about issuing it, huh?

>In addition there were the danger
>of money laundry, because the computer money could be wired across
>borders without problems. 

Which, interestingly enough, is exactly the reason citizens should support 
it.  Barry Goldwater, the 1964 US Presidential candidate, said something 
like "Any government that is powerful enough to give you everything you 
want, is powerful enough to take away everything you have."    It was true, 
then, and it's true today.

Fast-forward to 1996:  Any government powerful enough to be able to 
eliminate money-laundering is powerful enough to eliminate all of our 
rights. I'm not willing to take that risk, and the way I see it, people who 
see digital cash as an undesirable risk to government are a risk to me.


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)

Maybe somebody should tell Herr Meister that should actions of government be 
threatening, "Citizens would take counter-measures, should restrictions on 
computer money and reloadable payment cards endanger their rights."

Jim Bell
jimbell@pacifier.com