Hi All,

Super newbie here ( in Bitcoin terms) but with a large experience( read almost 20 years) in traditional payment systems ( ATM,EFT-POS). Since i see there are many projects involving Bitcoin hardware keys, coins, smartcards, etc is there any interest (i mean from a merchant,miner,exchange point of view) in developing applications for real life situations like paying with a hardware token( smartcard, QRcode, etc) goods and items via an EFT-POS terminal?

My idea would be a system that is able to handle transactions with BTC/LTC for real life in store purchases with smart cards, QR codes, Tokens, similar to what you have right now with traditional Debit/Credit cards. The system would be composed of a transaction server, able to talk to the p2p Bitcoin network and handle the entire cryptography session involved in transferring the BTC from the user wallet to the shop owner wallet, and the software in the EFT-POS with a light client that will just initiate a transaction, sign the request and wait for the successful reply from the network. There is enough cryptography embedded in current EFT-terminals and also enough security in relation to key storage that i think these devices can be safely used for real life purchases with cryptocurrency.

On the other hand, what are the legal implications ( minimal requirements) in running such a business of providing transaction processing software and facilitating transaction operations between customers and businesses? ( AU,US,EU limitations?)especially AU because i am currently there ?

thank you