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WP 98-2REGULATORY ISSUES IN ELECTRONIC MONEY: A LEGAL-ECONOMICS ANALYSIS

By  and Boon-chye Lee and Boon-chye Lee

Abstract

In this paper we examine regulatory issues relating to electronic money. The discussion proceeds along three main lines. Firstly, the focus of attention on the potential risks to the financial system is typically on the systemic risk arising from the payments system. Since issuers of electronic money automatically become part of the payments system, we consider if the arguments relating to systemic risk originating in the payments system apply in the case of electronic money. Secondly, we examine the sharp divergence in regulatory approaches between the US and the EU, and suggest that a useful way of reconciling this divergence is to note the existence of a tradeoff between the efficiency of the financial system an

Year: 2011
OAI identifier: oai:CiteSeerX.psu:10.1.1.195.2987
Provided by: CiteSeerX
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