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Re: Makeing MagicMoney worth something.
Eric Hughes says:
> If the value transferred is liquid, and the payment is made upon
> demand, then, in fact, you are a bank, regardless of what else you
> might call yourself. This is the case in the USA. Canada certainly
> varies, as does the rest of the world.
Well, there is ONE subtlety -- entities like mutual funds and
securities broker/dealers are not considered banks qua banks under
American law -- they are, of course, even more stringently
regulated anyway. There are various subtleties that say whether you
come under Fed or under SEC regulation.