The Use of Electronic Money in International Settlements and the Governmental Supervision
Abstract
Today electronic transfers take a large part in overall money turnover. Electronic payment instruments are used to carry out money transfers. Only 15-20 years ago it was quite difficult to think about making instant electronic payments, not even considering the development of e-money or e-wallets. Settlements, transfers and issue of electronic money are the common knowledge of doing business nowadays. While the process of electronic payments is developing at a great speed nowadays, we should not forget about the governmental part of such process in regulating, controlling and even licensing electronic payment instruments. The article gives the classification of today`s payment instruments, measures of different governments and countries in recognition and control of operations connected with electronic money and electronic transfers are described. The core topic of this article is world’s best practice in using electronic money and the supervisory and control process on the governmental level.
References
1. European Central Bank. Available at: https://www.ecb.europa.eu/stats/money/aggregates/emon/html/index.en.html.
2. Digital Currencies. Bank for International Settlements. Available at: http://www.bcu.gub.uy/Sistema%20de%20Pagos/Documentos%20banco%20Internacional%20de%20Pagos/d137.pdf.
3. Payment Aspects of Financial Inclusion. Committee on Payments and Market Infrastructures. Available at: https://www.bis.org/cpmi/publ/d144.pdf.
4. Statistical Data Warehouse. Available at: http://sdw.ecb.europa.eu/reports.do?node=1000003509.
5. Top 10 Trends in Payments in 2016. Available at: https://www.capgemini.com/resource-file-access/resource/pdf/payments_trends_2016.pdf.
6. Reserve Bank of India. Available at: https://www.rbi.org.in/.
7. World Trade Report 2015. Available at: https://www.wto.org/english/res_e/booksp_e/world_trade_report15_e.pdf.
8. Central Bank of The Republic of Turkey. Available at: http://www.tcmb.gov.tr/wps/wcm/connect/tcmb+en/tcmb+en/main+menu/payment+systems.
9. The World Bank. Uruguay. Available at: http://datatopics.worldbank.org/financialinclusion/country/uruguay.
10. Top 10 for 2016. Our outlook for financial markets regulation. Publication of Deloitte and EMEA Centre for Regulatory Strategy. Available at: http://www2.deloitte.com/content/dam/Deloitte/de/Documents/financial-services/Top-Ten-2016.pdf.
11. The Financial Inclusion Law in Uruguay. Economic Watch. Available at: https://www.bbvaresearch.com/KETD/fbin/mult/140520_Financial_Inclusion_EW_tcm348-451643.pdf?ts=2252014.
12. Financial Inclusion, Growth and Inequality: A Model Application to Colombia. International Monetary Fund Working Paper. Available at: https://www.imf.org/external/pubs/ft/wp/2014/wp14166.pdf.
13. Superintendencia Financiera de Colombia. Available at: https://en.superfinanciera.gov.co/jsp/index.jsf.
14. Fondo de Garantias de Instituciones Financieras. Available at: https://www.fogafin.gov.co/Default/inicioeng/about.
15. Banco Central de Colombia. Available at: http://www.banrep.gov.co/en.
Review
For citations:
Soluyanov A.A. The Use of Electronic Money in International Settlements and the Governmental Supervision. The world of new economy. 2017;11(1):60-63. (In Russ.)
Views:
1287
Email this article 