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Cypher Bank

Does anyone know of a law, rule, regulation, or other restriction 
that would prohibit the establishment of a simple cypher based bank?

I can think of 3 basic areas that would have to be satisfied:

     1.  Federal law and agencies, Federal Reserve, etc..

     2.  State and local (California for me).

     3.  Internet "Appropriate Use" policy.

If the bank is operated on a not-for-profit basis  --as an 
experiment.  Then that should satisfy the appropriate use 

I could use some comments if anyone can cite specific federal or 
California regulations.  Please respond either to me directly, 
[email protected], or to this mail list.


The cypher bank would work like this: I would publish my physical 
address; and offer to accept deposits by cash, check, or what have
you.  With the deposit, write on it your PGP handle.  Email me your 
public key corresponding to the handle on the deposit.

I will maintain a public list showing handles vs. Amount received,
in collection, and in escrow.(Set Subject = "BANK" to get the list)

Funds will be paid out based on instructions encyphered with your 
private key.

Comments would be appreciated.

Don Bellenger
[email protected]