Legislation On Electronic Money

Electronic money, a kind of pre-paid value, which is storedin electronic medium ornetworkin the form of electronic data and is issued by banks or non-bank institutions,can be accepted by the issuers as well as other entities and always be used in micro-payment.The rapid development of electronic money inthe field of micro-payment inChina, has become one of the important payment instruments, helps to reduce cashtransactions, andgreatly improve transaction efficiency, reduce transaction costs.In sharpcontrast with the rapid development of electronic money, the relevant legislation is veryinsufficient and cannot meet the need of the development of electronic money. Thispaper will discussthe legislation of electronic money and come up with useful ideasbased on foreign mature experienceto China’s electronic currency legislation.This paper is divided into three parts. The first chapter introduces the basicproblem of electronic money, including electronic currency definition, trends, anddistinction between network Currency and electronic currency. The second chapterdescribes the necessity and feasibility of electronic money legislation. The necessity isdiscussed from the perspective of that understanding of electronic money is notuniform, important system is omitted, and liability is not clear; The feasibility isdiscussed from the aspects of both domestic and foreign; The third chapter introducesthe problem of how to legislate, including the basis, institutions and principles oflegislation and regulatory system.