forms of e-money one may go back to the early 1980’s where David Chaum (see @chaum1988blind [@chaum1985cryptographic; @chaum1992achieving]) developed the concept of electronic cash under the view that for it to be useable in the real world economy it would require a token of money that would emulate physical currency, and most importantly, privacy feature to enable safely and securely anonymous payments. He developed such a digital cash as an extension to the RSA encryption protocol used for most security purposes on the web at present which led to the creation of the company DigiCash. Due to complications that arose with the central bank in Amsterdam where DigiCash was founded, it was decided that such currency would only be sold as a product to banks. This e-money attempt had a lot of promise, but it was unable to gain mainstream uptake in the end due more to political and business related issues [^3].

Following DigiCash there was an explosion of small venture capital firms established to develop e-money systems, leading to the release of a key initial regulatory response to such e-money, the 1994 EU Report by the Working Group on EU Payment Systems which was made to the council 