Quantum key distribution with bright entangled beams

We suggest a quantum cryptographic scheme using continuous EPR-like correlations of bright optical beams. For binary key encoding, the continuous information is discretized in a novel way by associating a respective measurement, amplitude or phase, with a bit value "1" or "0". The secure key distribution is guaranteed by the quantum correlations. No pre-determined information is sent through the quantum channel contributing to the security of the system.