[2] Tyree, AL, "Smart Cards", (1995) 6 JBFLP 297 - 299

[3] Report to the Council of the European Monetary Institute on Prepaid Cards by the Working Group on EU Payment Systems, May 1994.

[4] This can already be seen in the operation of DigiCash. The company is a Dutch company operating through American, German and Finland banks at the present time.

[5] In an effort to combat money laundering the United States has recently ceased the issue of notes with a face value of more than $100: see Wenninger and Laster, "The Electronic Purse" in (1995) Current Issues in Economics and Finance 1.

[6] "Cash dealer" is defined in the Financial Transactions Reports Act 1988 (CTH). The term includes entities as disparate as banks and bookmakers.

[7] AUSTRAC is the Australian Transaction Reports and Analysis Centre, formally the Cash Transaction Reports Agency.

[8] The ealy trials of DigiCash involved issuing "Cyberbucks" to testers. These Cyberbucks could be used, inter alia, for playing casino games at an electronic casino run by the University of Newcastle as part of the trial. The casino was closed down under threat of prosecution by the NSW Police.

[9] For the law enforcement view, see Lapworth, C "Anonymous untraceable payments on the Internet", Proceedings of the First Australian Computer Money Day Conference held at the University of Newcastle, 28 March 1996.

[10] One suggestion is that the card be programmed so that transactions for more than some threshold amount would require a PIN to complete.

[11] The Code requires only that an independent mechanism be established. The most elaborate of these mechanisms is the Australian Banking Industry Ombudsman.