Legal Regime of Cross-border Payment Transactions with Electronic Money

The object of this work is electronic money, its legal regulation and practical operations of electronic money operators. The subject of the study is the legal regulation of cross-border transactions with electronic money, as well as other aspects of cross-border settlements with electronic money. The purpose of this work is to determine the legal regime of cross-border settlement transactions with electronic money, as well as to identify the main features of such transactions. In order to achieve this goal, the following objectives were set: a) to study the main approaches to electronic money definition; b) to compare electronic money with other types of money; c) to study the peculiarities of cross-border settlement transactions; d) to analyze the infrastructure of cross-border settlement transactions with electronic money; e) to analyze the practice of regulation of payments with electronic money in the European Union, the United States and the Russian Federation; f) to analyze the activities of PayPal, an electronic money operator, and the experience of its implementation in the global markets. This paper is logically divided into introduction, three chapters, nine paragraphs and conclusion. Chapter I discusses the main differences between cash, non-cash and e-money, and determines the nature of cross-border payments and the payment system itself. Chapter II analyses the regulation of electronic money in the EU, the US and the Russian Federation, with a particular focus on cross-border transactions. Chapter III provides a broad analysis of the legal regulation of electronic payment system PayPal and how it is integrated into the European Union's payment system and Ebay. The main methods used in this paper are: method of comparative legal analysis, method of system analysis, deduction and induction.