diff --git a/doc/paper/taler.tex b/doc/paper/taler.tex
index 583d73a10..c6a699e8d 100644
--- a/doc/paper/taler.tex
+++ b/doc/paper/taler.tex
@@ -648,7 +648,7 @@ outside of the scope of the design of Taler.
 
 Aside from refreshing and obtaining denomination key, the customer
 should ideally use an anonymous communication channel with the exchange
-to obscure their IP address for location privacy, but naturally
+to obscure their IP address for location privacy; naturally
 the exchange would typically learn the customer's identity from the wire
 transfer that funds the customer's withdrawal of anonymous digital coins.
 We believe this may even be desirable as there are laws, or bank policies,