, on these and a host of other issues. while a number of countries in the working group appear to agree that any project should, to the extent possible, follow the media neutral approach taken in the 1996 model law, thus far the focus has tended to be on the cross - border recognition of the use of digital signature technology. this may be indicative of the fact that several countries have enacted or have proposed digital signature legislation. spain, germany, malaysia and italy are among the foreign jurisdictions that have enacted digital signature legislation. other countries such as australia, japan and the united kingdom have developed guidelines on digital signatures. the working group has agreed on at least one important issue. even though pki technology can be used to encrypt messages, questions relating to the use of pki and other cryptography for security purposes are outside of the scope of this uncitral effort. of course the united states continues to advocate the development of a voluntary market - driven key management infrastructure and of key recoverable encryption products. and while this position is not reflected in the oecd ’ s guidelines for cryptography policy, i am sure that the administration will continue to promote key recovery both domestically and abroad. in closing, i would like to echo the sentiment expressed in the framework : “ the success of electronic commerce will require an effective partnership between the private and public sectors, with the private sector taking the lead. ” the creation of private fora such as this conference, which bring together government representatives and industry, provides an exciting opportunity to further that partnership. i challenge each of you to use this opportunity not just to recite your company ’ s or your agency ’ s views but to listen to the ideas and concerns of other conference participants and incorporate them into both public and private policy initiatives.

needed to preserve the internet as a non - regulatory medium, one in which competition and consumer choice will largely shape the market - place. the nine areas are : ( 1 ) customs and taxation ; ( 2 ) electronic payments ; ( 3 ) a uniform commercial code for electronic commerce ; ( 4 ) intellectual property protection ; ( 5 ) privacy ; ( 6 ) security ; ( 7 ) telecommunications infrastructure and information technology ; ( 8 ) content ; and ( 9 ) technical standards. these nine areas are discussed in some detail in the framework. i would like to spend the rest of my time discussing two of these issues in more detail - - specifically, electronic payments and a uniform commercial code on electronic commerce. my interest in these areas reflects my belief that advancements in each are essential to the continued growth of electronic commerce over the internet both domestically and globally. users of electronic commerce need safe and reliable payments systems linked to the internet to facilitate payment for goods and services contracted for over the internet. more fundamentally, contractual relationships forged over the internet must have some basis in a sound legal and technological infrastructure. electronic payments over the past few years we have seen the emergence of new technology which allows individuals to pay for goods and services over the internet and over private networks. these payment methods have developed along two lines. first, technology exists that allows individuals to make payments over the internet and private networks using traditional payment mechanisms such as credit cards. when used in this way, the internet is simply the next in an evolving line of communications media used to convey payment information. the underlying payment is governed by the same laws that would govern credit card payments at a point - of - sale terminal or over the telephone. moreover, and perhaps more importantly from a central banker ’ s perspective, these internet payment methods remain tied to existing payments systems involving the transfer of balances among accounts at financial institutions. “ electronic money, ” based on stored - value smart cards and other technologies, is also under development. when used in connection with these products, the internet no longer acts solely as an access device to communicate payment information to merchants and banks. instead, the transfer of “ value ” over the internet will become, for all practical purposes, the modern day equivalent of tendering currency in satisfaction of a debt. while private electronic money will not have “ legal tender ” status, electronic money issuers will use private contractual relationships to effect discharge of their obligations. “ electronic money ” is essentially the re - emergence in the united states of privately - issued