The system is woven of the fabric of the Internet, and an issuer is simply some Bitcoin addresses and a few cryptographic keys. This enables unprecedented juris

The system is woven of the fabric of the Internet, and an issuer is simply some Bitcoin addresses and a few cryptographic keys. This enables unprecedented jurisdictional arbitrage for both clients and issuers. Besides, banks don't need a physical address, or even a real-world identity. As long as the keys remain secure, it's possible to build a reputation based on just a public key.