Economic View: Internet's Tangled Money Web Worries Central Banks

Coyle, Diane, The Independent (London, England)

When the Bank of England set up its home page on the World Wide Web three months ago, the first e-mail it received came from an Internet surfer in California. The inquirer had, appropriately, a question about the concept of legal tender.

Appropriate because the aspect of the Net that could turn out to be most vexing for the Bank, and other central banks, is the development of electronic money. A working party set up by Europe's monetary authorities is looking into the implications of cyber-transactions .

One City of London economist thinks these implications could turn out to be grave. Stephen Lewis, at the London Bond Broking Company, says: "If a large proportion …

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Publication information: Article title: Economic View: Internet's Tangled Money Web Worries Central Banks. Contributors: Coyle, Diane - Author. Newspaper title: The Independent (London, England). Publication date: July 25, 1996. Page number: 21. © 2009 The Independent - London. Provided by ProQuest LLC. All Rights Reserved.

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