wrong. fyi i'm a bit of an expert on ecash. sort of.

you can make as many copies of an ecash token offline as you want. but handing someone a copy is not exactly "transfer".

to transfer ecash tokens they need to be redeemed at the mint and new one issued where the recipient is the only one that knows the secret. (let's ignore scripted tokens for now!)

that's why i said it's not really a bearer asset in the traditional sense. the mint is an online trusted intermediary that can refuse to participate.

then there is credit ecash, that overall dodge the entire "does the mint have the coin?" stuff.