For the past one hundred years, government institutions and regulatory agencies, such as the US Treasury Department, have held a monopoly over the movement of money in America. During the mid-1990s private digital currency emerged which circulates over the Internet outside of government supervision. Widely available encrypted Internet communications moved secure financial payments out of the regulated banking system and onto the unregulated Internet. Digital currency has interrupted banks’ monopoly and the government has been introducing new rules and laws trying to catch up with the new electronic version of money.
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P. Carl Mullan
- Palgrave Macmillan US
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