not a currency
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\maketitle
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\begin{abstract}
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This paper introduces {\em Taler}, a Chaum-style digital currency that
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This paper introduces {\em Taler}, a Chaum-style digital payment system that
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enables anonymous payments while ensuring that entities that receive
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payments are auditable. In Taler, customers can
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never defraud anyone, merchants can only fail to deliver the
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@ -93,7 +93,7 @@ transactions. The refresh protocol combines an
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efficient cut-and-choose mechanism with a {\em link} step to ensure
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that refreshing is not abused for transactional payments.
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We argue that Taler provides a secure digital currency for modern
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We argue that Taler provides a secure digital payment system for modern
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liberal societies as it is a flexible, libre and efficient protocol
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and adequately balances the state's need for monetary control with the
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citizen's needs for private economic activity.
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