4. Alternative Payment Systems
Various “e-currency,” “e-payments,” “electronic check” and electronic bartering systems
Raise jurisdiction issues for which no widely accepted solutions exist
Are independent of the traditional system and but still connected. Need to “convert” APS notational value to “real” money
On the other hand, the Internet does pose the possibility that alternatives to the existing global payment system may arise. Indeed, electronic bartering and various forms of “e-currency” and “e-payments” are currently in use in some Internet transactions. These alternatives raise a number of issues with jurisdictional consequences. These alternative systems may be thought of as being, in varying degrees, independent of the traditional system and but still connected to it at some point. Ultimately, these alternatives may lead to the development of an entirely new construct that is a “super-set” of the traditional system and the developing alternative systems.