3. Traditional Payment Systems
Absence of Internet Jurisdictional Issues
- Average daily volume of global currency transactions ɭ.0 quadrillion US dollars
- Average daily volume on the FedWire > 1.0 quadrillion US Dollars since 1997
Technological Reasons include
- Digitizing of financial products, high-speed computers, high-capacity transmission lines, emergence of common and dominant currencies
When one applies the three foundation principles mentioned above, the conclusion emerges that traditional payment systems do not present significant “cyberspace” jurisdictional issues. In the modern world, money currently moves across borders largely without incident, primarily through a network of domestic financial entities and their correspondents, foreign financial entities, specialized governmental entities, and various service providers. Today, money moves around the world on a daily basis in vast amounts, in as free and seamless a manner as it ever has in history, and nearly instantaneously for the great bulk of the transactions.
There are many reasons for this nearly problem-free freedom of movement. The evolution of money and financial instruments into digital files, the development of high-speed computers and high-capacity transmission facilities, and the emergence of common and dominant currencies are but a few.