Electronic commerce is growing at an increasing pace and financial instruments are adapting to the increased volume of spending taking place over the Internet. For many Internet transactions, electronic cash could provide a potentially superior substitute for conventional monetary instruments. Attempts at a practical implementation of e-cash systems have met with limited success because logistical problems remain. There is still a long way to go in developing effective and extensive e- cash systems. And the further evolution of widely accepted systems will require the co-operation of governments, central banks and business.
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https://web.csulb.edu/journals/jecr/issues/20044/Paper3.pdf