further distinctive feature of crypto-currency like Bitcoin, which are not readily replicated in fiat e-money, relate to its divisibility and fungibility, see discussion in [@barber2012bitter]. They note that one of the key practical appeals of for instance Bitcoin is “...the ease with which coins can be both divided and recombined to create essentially any denomination possible. This is an Achilles’ heel of (strongly anonymous) e-cash systems, because denominations had to be standardized to be unlinkable, which incidentally makes the computational cost of e-cash transactions linear in the amount. In Bitcoin, linkage is inherent, as it is what prevents double spending; but it is the identities that are “anonymous”.”

We note that such crypto-currencies as Bitcoin do not however have, compared to conventional fiat backed e-money payment systems, a strict governance structure other than its underlying software. The implications of this are discussed recently by both @peters2014opening and @bohme2015bitcoin. Without the lack of governance afforded by traditional fiat e-money payment systems, the Bitcoin network is unable to impose any obligation on a financial institution, payment processor, or other intermediary to verify a user’s identity or cross-check with watch-lists or embargoed countries. The implications of this for money laundering and money transmitter 