On Thu, May 09, 2002 at 04:09:23PM +0100, Ken Brown wrote: > "anybody that wishes to issue electronic money can do so as long as they > satisfy a number of core criteria specified by the Financial Services > Authority (FSA), without having to first obtain a banking license. In > essence this means that as long as the issuers of the e-money can meet > the capital requirements of one million Euros or 2 percent of the > e-money to be issued, they are free to do so.
Do you know is that minimum or maximum of those two figures? ie if you have 2% of capital you issue is that enough or does it have to be larger of those. GBP 600K (USD 900K) is still a lot of money for a small scale operation. If it were the former it might be more plausible that someone might set something up as a hobby operation. The tricky part as ever will be putting money into the system if it's anonymous ecash, to limit fraud. Interfacing anonymous to non-anonymous transaction systems is a problem. The convenient non-anonymous transactions systems (credit cards, debit cards) typically are quite vulnerable to fraud and have weak security systems. > There is a limit of one thousand pounds sterling on the maximum > 'purse' value; the e-money must be redeemable within five days and > the currency must be usable for at least one year." What does the redeemable within five days mean -- that this is the maximum processing time for in-transfers or for out-transfers? Adam -- http://www.cypherspace.org/adam/
