Legal Regulation of Emission and Circulation of Electronic Money in Russia and Abroad

In this paper, a comprehensive analysis of the fundamentals of state regulation of electronic money circulation and issuance, comparison of domestic and foreign regulatory practices, as well as the formation of assumptions about the prospects for the development of regulatory framework for the instrument of trade relationships. Dynamically changing form and character of settlements, requirements to availability and speed of transactions lead to inevitable adjustments of rules for protecting business participants, redefinition of roles and powers of money issuers and modifications of settlement mechanisms. Technological progress is the main source of changes in the regulation of payment systems and the formation of new institutions, such as the institution of electronic money. In the paper author considers theoretical foundations of notions and principles of electronic money regulation, conducts a review of the sources of international regulation, compares the concept of electronic money with cashless money, formulates the definition of electronic payment system, and considers legal aspects of its operation.