Simply put, this allows for the creation of unique serial numbers that can be verified by the bank issuing the currency, without revealing the identity of the money-holder. For now, DigiCash is limiting trials to select vendors on the Internet, including the Encyclopedia Britannica. The worst case scenario is one where no standard for e-cash exists. Instead, digital walls keep the flow of money in separate pools. This makes little sense in cyberspace.
Nations maintain their own currencies to protect national interests.
Cyberspace is not a nation, and does not require this kind of compromise. The same e-cash could go from New York to Tokyo with minor transaction costs. This tender would be hard to tax, since it crosses borders so easily. No one should own this protocol, charge for its use, or limit its availability. To do otherwise would put an unprecedented burden on security, anonymity, and our confidence in this fledgling digital marketplace.