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Bringing Payment Systems Law Out of the Past: Rethinking the Framework for a Digital Age

Glen Powell

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Published in The End Of Negotiable Instruments: Bringing Payment Systems Law Out Of The Past

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The Problem: A Legal Framework Stuck in the Analog Era

Payment systems have undergone a profound transformation in recent years, driven by the rise of digital technologies such as mobile payments, online banking, and cryptocurrencies. However, the legal framework governing these systems has not kept pace with these changes, leaving it ill-equipped to address the challenges and opportunities presented by the digital age.

The End of Negotiable Instruments: Bringing Payment Systems Law Out of the Past

by James Steven Rogers

5 out of 5

Language	:	English
File size	:	3438 KB
Print length	:	288 pages
Lending	:	Enabled

The current legal framework is based on laws that were written decades ago, when the vast majority of payments were made in cash or by check. These laws are simply not up to the task of regulating the complex and rapidly evolving world of digital payments.

This has led to a number of problems, including:

Increased risk of fraud and financial crime
Lack of consumer protection
Hindered innovation

The Solution: A New Legal Framework for Digital Payments

The book "Bringing Payment Systems Law Out of the Past" proposes a new legal framework for digital payments that is designed to address the challenges and opportunities of the 21st century. This framework is based on the following principles:

Technology neutrality: The new framework should be technology neutral, meaning that it should apply to all types of payment systems, regardless of the technology used.
Consumer protection: The new framework should prioritize consumer protection, ensuring that consumers are safe when using digital payment systems.
Innovation: The new framework should encourage innovation, allowing new and innovative payment systems to enter the market.

The book provides a detailed analysis of the current legal framework and proposes specific reforms that would bring it up to date. These reforms include:

Amending existing laws: Some existing laws can be amended to make them more applicable to digital payments.
Enacting new laws: In some cases, new laws will need to be enacted to address specific issues that arise in the context of digital payments.
Adopting international standards: The United States should work with other countries to develop international standards for digital payments.

The book "Bringing Payment Systems Law Out of the Past" is a timely and important contribution to the debate over how to regulate digital payments. The author provides a comprehensive analysis of the current legal framework and proposes a new approach that is fit for the 21st century. This book is essential reading for anyone interested in the future of payment systems.

The End of Negotiable Instruments: Bringing Payment Systems Law Out of the Past

by James Steven Rogers

5 out of 5