Financial Cryptography 2000 marked the fourth time the technical, business, legal, and political communities from around the world joined together on the smallislandofAnguilla,BritishWestIndiestodiscussanddiscovernewadvances in securing electronic ?nancial transactions. The conference, sponsored by the International Financial Cryptography Association, was held on February 20- 24, 2000. The General Chair, Don Beaver, oversaw the local organization and registration. The program committee considered 68 submissions of which 21 papers were accepted. Each submitted paper was reviewed by a minimum of three referees. These proceedings contain revised versions of the 21 accepted papers. Revisions were not checked and the authors bear full responsibility for the content of their papers. This year's program also included two invited lectures, two panel sessions, and a rump session. The invited talks were given by Kevin McCurley prese- ing "In the Search of the Killer App" and Pam Samuelson presenting "Towards a More Sensible Way of Regulating the Circumvention of Technical Protection Systems". For the panel sessions, Barbara Fox and Brian LaMacchia mod- ated "Public-Key Infrastructure: PKIX, Signed XML, or Something Else" and Moti Yung moderated "Payment Systems: The Next Generation". Stuart Haber organized the informal rump session of short presentations. This was the ?rst year that the conference accepted submissions electro- cally as well as by postal mail. Many thanks to George Davida, the electronic submissions chair, for maintaining the electronic submissions server. A majority of the authors preferred electronic submissions with 65 of the 68 submissions provided electronically.

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Digital Rights Management.- Efficient Trace and Revoke Schemes.- Efficient Watermark Detection and Collusion Security.- Invited Lecture (I).- Towards More Sensible Anti-circumvention Regulations.- Payment Systems.- Self-Escrowed Cash against User Blackmailing.- Blind, Auditable Membership Proofs.- Private Selective Payment Protocols.- Financial Cryptography Tools (I).- Sharing Decryption in the Context of Voting or Lotteries.- Electronic Postcards.- Postal Revenue Collection in the Digital Age.- Signing on a Postcard.- Panel (I).- Payment Systems: The Next Generation.- Abuses of Systems.- Non-repudiation in SET: Open Issues.- Statistics and Secret Leakage.- Analysis of Abuse-Free Contract Signing.- Asymmetric Currency Rounding.- Financial Crypto Policies and Issues.- The Encryption Debate in Plaintext: National Security and Encryption in the United States and Israel.- Critical Comments on the European Directive on a Common Framework for Electronic Signatures and Certification Service Providers.- A Response to "Can We Eliminate Certificate Revocation Lists?".- Anonymity.- Self-Scrambling Anonymizers.- Authentic Attributes with Fine-Grained Anonymity Protection.- Resource-Efficient Anonymous Group Identification.- Financial Cryptography Tools (I).- Secret Key Authentication with Software-Only Verification.- Panel (I).- Panel: Public Key Infrastructure: PKIX, Signed XML or Something Else?.- System Architectures.- Financial Cryptography in 7 Layers.- Capability-Based Financial Instruments.