Who would be the LICENCING AUTHORITY for online banks, like paypal.

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There are RESERVE BANKS, for every nation. Which control and issue currency. They also do the monitoring job about bank frauds, and do the streamlining for clearing house operations for the cheque transactions. but, in this virtual world, WHAT are the rules for opening a VIRTUAL BANK. Like our dear PAYPAL, ALERTPAY.. e-gold, etc? If there are no RULES, and NO AUTHORITY,.. why should we not START our own ONLINE BANK?