diff --git a/doc/paper/taler.tex b/doc/paper/taler.tex
index 3ee7e5b51..63019c222 100644
--- a/doc/paper/taler.tex
+++ b/doc/paper/taler.tex
@@ -411,7 +411,7 @@ sharing control is {\bf not} considered a {\em transaction} and thus
 {\bf not} recorded for taxation.  Taler does, however, ensure
 taxability when a merchant entity acquires exclusive control over the
 value represented by a digital coins.  For such transactions, the state
-can obtain information from the exchange, or a bank, that identifies
+can obtain information from the exchange that identifies
 the entity that received the digital coins as well as the exact value
 of those coins.  Taler also allows the exchange, and hence the state,
 to learn the value of digital coins withdrawn by a customer---but not