YouTeller e-wallet?!

Anyone read up on this YouTeller e-wallet in the makings or already in the makings?!

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E-Wallets Neteller to be Replaced by YouTeller

NewswireToday - /newswire/ - London, United Kingdom, 01/30/2007 - Shortly after Neteller announced its decision to pull out of the US gaming market on January 18, the London-based technology company Seed Capital Ltd. introduced a new payment processing service ''.

"We will start in March with a revolution in simplicity of worldwide online payments. Everybody who can download songs or play online games will now be able to pay for that instantly," said Johannes Knierzinger, CEO and co-founder.

On Monday the British Financial Services Authority (FSA) granted YouTeller the "Small E-Money Issuer Certificate", therefore making it possible to operate as an e-wallet. "The FSA has already given us the green light. We will begin services after the server-security testing period is completed," said Florian Schweitzer, company spokesman and co-founder. It took three month to develop the new online payment framework.

"We have no overseas branch in a NAFTA-country like Neteller or Citadel, so we are not affected by US legislation," underlined Schweitzer. YouTeller is part of an international lobbying task force that works on the issue 'worldwide online payments' with the World Trade Organisation (WTO) and the European Union.

The WTO has again ruled against the United States in favor of Antigua and Barbuda, this time for not taking "the necessary steps to comply" with the April 2005 WTO ruling to correct discrimination against foreign internet gambling operators, Reuters reported late last week.

Earlier this month, federal officials arrested the founders of Neteller, an Isle of Man-based online payment processor, while they were in the US to switch planes. John Lefebvre and Stephen Lawrence are set to fight the charges laid against them when they appear in court in February.

Agency / Source: Seed Capital Ltd
That sounds promising.

Yep, it looks like they're really covering their ass when it comes to the USA. However, I saw nothing mentioned about them allowing gambling transactions :what:

It still boils down to the DoJ allowing banks to transfer funds to/from them, so I'm not sure if youteller is going to work :(

*crosses fingers*
Probably the most interesting piece of info yet :) My hunch is that this is the phoenix rising from the ashes.

A diversified payment solution.

Treat YouTeller with Caution

A very reliable source in the e-commerce industry has explained that YouTeller, while emphasizing that they are not U.S.-based and therefore exempt from U.S. prosecution, may experience difficulty "replacing Neteller" and operating above the law, as they allege.

The source told me: "YouTeller is not letting much out, except that they are trying to give the impression that they are unrestricted by U.S. laws because they are outside of the United States -- that somehow this will allow them to take over where Neteller left off. I don't think so. It has nothing to do with where the company is located since all U.S. transactions have to touch a U.S. bank at some point. And that is where the catch is. Ah, well, the operators will still sign on in herds."

Anybody hear anything else interesting about them?
Its Evolving, slowly

The first thing a Neteller replacement would have to do is totally isolate themselves from the U.S. , be immune from extradition, have no past to haunt them (i.e Sports betting) , and have no company members living in or traveling through, the U.S. (i.e. idiots). I believe this could be possible. The DOJ does not run the World.

If you have a truly immune payment processor, making payments and withdrawals to a Casino on an identification system based on numbered accounts (like the Swiss); Then no Casino in the World would be in any conflict with UIGEA. The immune payment processor would hold all your ID info, that the Casino was holding before. All you are is a number to the Casino, no matter where you are in the World.

The next part is the real trick, (a) Processing Deposits and Withdrawals. UIGEA says that Payment processors cannot send money to a Casino and the Casino cannot receive money on behalf of a U.S. player. And (b) the 'Designated Payment System' will attempt to eliminate the intermediary, (the Payment processors) by Regulating all Financial Institutions in the U.S. from executing 'Restricted transactions'.

Part (a) is rendered moot by an immune payment processor.

Part (b) becomes the real issue. Just how far is the Board of Directors of the Federal Reserve willing to go before they raise the ire and eyes of the Nation in telling a free citizen just where or to whom he can send his money. Granted, today you cannot send money to fund terrorists; but I mean on a more realistic viewpoint. Are they going to tell us we cannot send our money to another Bank if it resides outside of the U.S.? (are you seeing RED now) Are we going to be told we cannot purchase money instruments outside the U.S. (phone cards etc.) . As U.S. citizens we cannot participate in World trade? Internet World trade? Just how far is it going, or could go! To satisfy a bill that was pushed through the Senate by political slight of hand !!
yip, i suppose All us money has to leave the system with no expectation of return. Not likely to be allowed in the long run

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