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10 Harv. J. L. & Tech. 321 (1996-1997)
Coins, Notes, and Bits: The Case For Legal Tender on the Internet

handle is hein.journals/hjlt10 and id is 331 raw text is: Harvard Journal ofLaw & Technology Volume 10, Number 2 Winter 1997 CoINs, NOTES, AND BITS: THE CASE FOR LEGAL TENDER ON THE INTERNET Joshua B. Konvisser* What is digital cash?... Is this, in fact, a replacement for currency, in which case you would want it produced and issued by the Treasury? Or is it the next generation of Discover card, in which case it should be regulated under banking laws?'1 I. INTRODUCTION Right behind sex, commerce on the Internet seems to excite people the most.' Electronic commerce is growing at a rapid pace. Yet the modes of exchange currently available on the Internet are inadequate to support the true promise of Internet commerce - a market of informa- tion purchases. This Note argues that, in order to realize that promise, the United States government should issue electronic cash (e-cash) as legal tender currency. Part II of the Note identifies a number of payment system technolo- gies now implemented on the Internet, examines the proper role of e- cash in electronic commerce, and describes the proposed system. Part III then explains why government backing is essential. Part IV explores the security concerns implicated by e-cash and their technological solutions. Finally, Part V examines other concerns surrounding the widespread use of electronic cash, including crime, privacy, and taxation. * J.D., Harvard Law School, Class of 1997; M.S. (Computer Science), 1994, University of Texas at Austin. This Note is based on a paper submitted to the Seminar on Law, Internet, and Society at Harvard Law School. The author wishes to thank Professor Charles Nesson for his invaluable assistance in forging and honing the ideas presented here. 1. Benjamin Wittes, The Dark Side of Digital Cash, LEGAL TIMEs, Jan. 30, 1995, at 1, 25 (quoting cryptographer Ernest Brickell). 2. Don Clark, Microsoft, Visa to Jointly Develop PCElectronic-ShoppiniSoftware, WALL ST. J., Nov. 9, 1994, at B9 (quoting James Bidzos, President of RSA Data Security, Inc.).

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