Research On Legislative Problem Of The Electronic Money

With the rapid development of e-commerce in our country, the electronic money has become an important payment tool. Electronic money is a replacement for cash. It is widely used to reduce cash’s transactions, thus improving the efficiency and reducing the cost of transactions. Compared with the rapid development of electronic money, China’s legislation on electronic money is insufficient and relatively lag. It can’t satisfy the need of the development of electronic money, and is not conducive to the healthy development of electronic money in our country. This article will discuss the legislative problems of the electronic money and combine with the relevant legislative experience of the electronic money in foreign, then make legislative suggestions of perfecting our country’s electronic money.This article is divided into four parts:The first part is about the definition of the electronic money. To study the legislation of electronic money, firstly we have to define electronic money. Researching on the definition of electronic money of representative institutions, countries and scholars, I put forward views on the definition of electronic money. Electronic money is issued by a bank or non-bank institutions, in the form of electronic data stored on an electronic device or a computer’s network server, and can be accepted by other natural or legal person in addition to the issuer. It has prepaid value.The second part introduces the legal issues of electronic money in the process of issuance and circulation, mainly including the issuers of electronic money, electronic money’s repurchase, money laundering of the electronic money and the share of legal risks on electronic money law. Based on the contact related legislation in our country, I introduce content of these questions in detail in this paper for putting forward suggestions of perfecting our country’s legislation.The third part introduces the foreign experience about the legislation of the electronic money. It includes specific laws and regulations involved in the European Union, the United States and Britain. These organizations and countries has mature and perfect laws and regulations in the aspect of legislation of electronic money. This laws and regulations can provide the successful experience for the legislation of electronic money in China.The fourth part mainly introduces the suggestions of perfecting our country’s legislation of the electronic money, including the electronic money’s issuer, repurchase mechanism of the electronic money, anti-money laundering system and the system of liability share. In the issuers of electronic money, I think that the first thing is to clear the issuer. Besides that, considering the comprehensive development of electronic money, I think it should set the conditions for the access of the issuer. For example, issuers need the initial capital and the corresponding permission. When we enact legislation setting on repurchase problems of electronic money, I think the first thing should be clearly is the electronic money’s possessor shall have the right to request the issuer to redeem, but the issuer can require electronic money’s possessor to pay the fee according to the possessor of the repurchase request time. The possessor’s right of repurchase also has carried on the corresponding limit. Against the use of electronic money laundering, I think it should be combined with the characteristics of electronic money to stipulate anti-money laundering measures. We can restrict the issuer’s qualifications and issuance, establish a system to record electronic currency’s trade and set up an independent institution to manage public’s private key and the relevant institutions in the statutory circumstances to view. In addition, in order to share the responsibility, I put forward two suggestions. The first one is that considering the status between consumers and operators, we should be reasonable allocation of the burden of proof. The second one is that in order to reduce the possessor’s risk when the issuer bankruptcy, we shall establish insurance system.