电子货币及相关法律问题
Electronic Money and some legal issues
邓健
【全文】
Electronic Money and the Law
Contents
I. Introduction
II. What is electronic money?
III. Does electronic money continue money or is it only a mechanism of payment?
IV. What is the legal basis of electronic money?
V. Which law applies?
VI. What are the legal problems arising through electronic money?
VII. Should governments regulate electronic money?
VIII. Conclusion
‘Money is not such a vital subject as is often supposed’… ‘A monetary system is like some internal organ; it should not be allowed to take up very much of our thoughts when it goes right, but it needs a deal of attention when it goes wrong.’
D. H. Robertson, Money (1922)
I. Introduction
There can be no one now in the world whose life is not touched and shaped by the force of money. The history of money raises many questions about its changing nature and the way it affects people’s lives, questions which, as we come to the beginning of the new millennium, seem more acute than at any previous time in human history. New technology has made it possible to pay for goods and services over the Internet, the global electronic commerce totaled tens of billions of dollars in the past few years. At same time, the interconnecting networks of computers have led to the development of new Internet payment systems, such as an Internet payment operator (IPO) and electronic money. The later has received considerable attention.
A discussion about electronic money necessarily covers a diverse range of topics, especially given that a lot of the economic and monetary ideas that we take for granted right now may or may not work in a networked economy. First of all, the argument based on e-money itself. What is the nature of e-money? Does it continue money? Is it the destiny of digital? Can digital money finally replace physical money, or is it, as professor Alan L. said, a payment mechanism only? Secondly, the arguments are relative to the monetary policy, such as, does digital money have confidence, will it become monetary currency, who can issue e-money? How can it affect governmental monetary and economic policy? It is worthy of mention, Professor Kerry Lynn’s new and radical theory on legal currency proposes that money issued by private bodies will replace money issued by the central governments, and facilitate the macroeconomics of national currencies on the net. Can e-money affect the deep-set role of central bank, make government give up a valuable source of earnings? Thirdly, the arguments are based on the governmental control. Moore’s law states that the power of microprocessors should double every 18 months while the price halves, so can the regulators keep up with the pace of technology involution change? Why will regulators be concerned with digital money? What are the goals for a regulatory framework? Which law applies? How can the paradox of no boundary network and territorial laws be solved? This article will concentrate on some issues about e-money and law.
II. Definition of electronic money
