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 Note the way in which SOX melds with the Internet, as implication of layer 2. When passing a payment to someone on the other side of the planet, that payment only has value if it is settled and cleared by the Issuer. Otherwise, the payment is an uninteresting series of bits, with similar value to any other random nonsense. In contrast, the passing of rubber cheques is illegal in some countries, and traumatic in most others. SOX payments are not cheques in that sense. Back.