--- begin forwarded text Sender: <[EMAIL PROTECTED]> Date: Wed, 27 Dec 2000 09:23:37 -0400 From: Ian Grigg <[EMAIL PROTECTED]> Reply-To: [EMAIL PROTECTED] To: Digital Bearer Settlement List <[EMAIL PROTECTED]> Subject: Re: Singapore to Make E-Money Legal Tender (was Re: GigaLaw.com DailyNews, December 27, 2000) List-Subscribe: <mailto:[EMAIL PROTECTED]> (full story below - careful, I think the site reconfigures the browser to turn off c&p...) Presumably, what the article didn't say is that the central bank (currency board?) will be the issuer of electronic monies, thus clarifying the issue of the value of monies sourced from different technologies and companies. An unusual step, as pretty much all of "the West" has decided that Central Bank issued electronic value is a Bad Idea. But, the sort of thing one could expect form Singapore. iang "R. A. Hettinga" wrote: > > [E-COMMERCE] > > Singapore to Make E-Money Legal Tender Electronic money will be made legal tender in Singapore by the year 2008 and every merchant on the island republic will be required to accept it from customers no matter what the price of the goods in question. It is envisaged that consumers will pay for goods and services with e-money loaded in electronic purses stored on smart chips in mobile phones, personal digital assistants and even cars. The Board of Commissioners of Currency Singapore has set the 2008 start-up date to give merchants and banks around the country the time to prepare for such a nationwide system. Called the `electronic legal-tender system' it will require merchants and service providers to accept e-money under Singapore law. Even an item costing as little as 10 cents will be able to be purchased through the electronic currency. Low Siang Kok, director of currency of the BCCS said that existing wireless access protocol (WAP) technology was already capable of supporting such a service, but it will work to ensure a nationwide system is in place to support e-money transactions. Reported By Newsbytes.com, <A HREF="http://www.newsbytes.com">http://www.newsbytes.com</A> . 18:48 CST (20001226/WIRES TOP, ASIA, ONLINE, LEGAL/SINGAPORE/PHOTO) --- end forwarded text -- ----------------- R. A. Hettinga <mailto: [EMAIL PROTECTED]> The Internet Bearer Underwriting Corporation <http://www.ibuc.com/> 44 Farquhar Street, Boston, MA 02131 USA "... however it may deserve respect for its usefulness and antiquity, [predicting the end of the world] has not been found agreeable to experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire'
