Research On Legal Regulation Of Electronic Money

As a new form of currency, electronic money brings convenience and efficiency for people, but also changed the regulatory object, regulatory measures and regulatory means of traditional legal regulation system on finance. In this paper, the paper begins from the definition, the generation and development of electronic money, analyzed characteristics, classification and legal properties of the electronic money. Studied the trading patterns and the legal relationship of electronic money, and summarized the several major problems——the impact of national monetary policy, risks and problems on issue, circulation and recovery, the risks and problems on trading system, institutional management and operation and other risks, By comparing the domestic and foreign legal regulation, based on foreign legislative experience, proposed"Thinking of Improvement on legal regulation systems of electronic money in China"from four aspects.The paper is divided into five parts.The first part is an overview of electronic money. The definition, generation and development, characteristics and classification and legal property of electronic money were studied. The author summed up the definition of electronic money according to the description of the current definition in the international. By describing the emergence and development of electronic money, came in the evolution from value entity to value symbol of electronic money, it's the third revolution in the monetary history. By comparison with the traditional currency, I believe that electronic money is a second currency based on Traditional currency. According to different standards, electronic money is divided into different types, the most common classification is, according to business functions, electronic money can be divided into Credit Card type, stored value cards type, Exchange-type deposits and simulation model Cash. For the legal property of electronic money, the author sums up two aspects: electronic money is not new currency, electronic money is not legal compensation monetary. For the second part, the author described the trading patterns of Electronic money and analyzed the Legal relationship of Subject of E-money transactions. The author Described electronic currency trading patterns from issue, circulation and recovery. For Legal relationship of Subject of E-money transactions, the analysis is between issuers and consumers, consumers and businesses, issuers and businesses.For the third part,Studied and analyzed legal risks and problems on Electronic money. Firstly, it is analyzed that the impact on national monetary policy by Electronic money. And then it summed up several impacts, including the impact on traditional currency quantity, the impact on allowance monetary policy, the impact on Central Bank Balance Sheet. Secondly, carried on a analysis to the risks and problems of E-currency Issue and summarize several risks and problems: Impact the right of Central Bank's E-currency Issue, E-money issuers are in a disordered state, issue Subject is lack of regulation in funds and credit mechanism is not perfect. Thirdly, carried on a study to the risks and problems of Circulation and recycling of E-currency Circulation and recycling, analyzed the problems in circulation and inadequate redemption mechanisms. Finally, it is studied that the Institutional management risk and system operational risk and other risks of E-money transactions. Include management risk within the organization, systemic risk of E-money transactions operational risk and other risks including using E-money for money laundering and other criminal activities, and E-money users' privacy protection.The fourth part is inspection on domestic and foreign legal regulatory status of electronic money. By considering and comparing domestic and foreign legal regulatory status of electronic money, the author can get a inspiration on Improving the legal system of China's electronic money regulation.For the fifth part, it established considerations and principles about Improving the legal system of China's electronic money regulation, Presented improvement mechanism and legislative proposals on regulatory system, Issuance and redemption, Institutional management and Risk-control mechanism.