and Visa Cash. E-money is anchored in the existing banking and monetary system (financial legal tender). Unlike e-money, virtual currencies are not part of a national financial system. Issuing virtual currencies would be akin to printing money without the control of a central banking institution. Bitcoin is the best known virtual currency. Status of governance mechanisms for e-money and virtual currencies E-money and virtual currencies are at an early stage of both national and international policy developments. At international level, one potential venue for addressing e-money is the Basel Committee E-Banking Group. E-money and virtual currencies are also in focus for various international networks that deal with money laundering such as the Financial Action Task Force (FATF) Possible gaps in dealing with e-money and virtual currencies There is a knowledge gap in the research and understanding of the impact of e-money and virtual currencies on Internet public policy issues related to e-commerce, taxation, and consumer protection among others. The review also indicates a lack of international coordination of policy approaches to e-money and virtual currencies. 6.3 Consumer protection Consumer protection has been transformed with the Internet from a mainly national to an increasingly international public policy issue. In the past, consumers rarely needed international protection. They bought locally and therefore needed local consumer protection. With e-commerce, an increasing number of transactions take place across international borders. Consumer protection is essential in ensuring trust as one of the main preconditions for the successful development of e-commerce. Status of governance mechanisms for consumer protection The OECD adopted two important mechanisms for consumer protection on the Internet: the 1999 Guidelines for Consumer Protection in the Context of E-commerce and the 2003 Guidelines for Protecting Consumers from Fraudulent and Deceptive Commercial Practices across Borders. The main principles established by the OECD have been adopted by business associations, including the ICC and the Council of Better Business Bureaus. ICANN's At large Advisory Committee (ALAC) protects, inter alia, consumer and user of domain names. A number of private associations and NGOs also focus on consumer ecommerce protection, including Consumers International, the International Consumer Protection and Enforcement Network, and Consumer Reports WebWatch. 36