In a world of fading borders, the Internet has become a regular method of buying and selling. However, technological and legal means of guaranteeing secure electronic transactions lag behind the increasing flexibility required by a flourishing virtual economy. Furthermore, as virtual money circulates it is susceptible to interception, processing and channeling by any number of corporate interests and public authorities. The questions arise: who is going to control what and why? There are, as yet, no firm answers. This book sets the stage and takes the necessary first steps towards developing a reliable legal regime for virtual money. Its purpose is: to analyze the legal issues raised by internet payment systems, and to explain clearly the solutions already adopted; and to discuss policy issues, with available hypotheses, raised by the convergence of financial services and information technology, and by the advent of virtual money.