Exploring the Role of Digital Currency in the Retail Payments System


New England Law Review

Advanced telecommunications and computer technology have been moving trillions of dollars around the world each day for many years. The technology for electronic retail payments is here and society's demand for it is burgeoning. These payment transactions must be as transparent, convenient and secure for customers and merchants as cash, checks and credit cards. Our current legal and regulatory payments infrastructure is based upon principles of paper negotiability, which is not suited to deal with the commercial electric future. While private contracts and procedures will be established there is a need a clear and uniform rules which address the risk and liability in a digital currency transaction.

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