LEGAL REGULATION OF ELECTRONIC MONEY IN INTERNATIONAL MONETARY LAW

  • Marko Dimitrijević

Abstract

The subject of the analysis in this paper is the examination of the legal


regulation of electronic money in international monetary law. In this


context, the first part of the paper points to the influence of electronic


media on the development of international monetary law, which is today


most evident in the emergence of electronic money that redefines


traditional money functions. The author therefore deals with the


argumentative search for a potential answer to the question of whether


the role of the issuer of electronic money should be found in the central


bank, the government, the banking system or an international monetary


legal entity such as International Monetary Fund, which operates outside


the framework of the national monetary jurisdiction in view of the


extraterritorial effects of using such money in the financial market. In


further text, attention is paid to the advantages and disadvantages of the


use of electronic money in commercial transport, the redefinition of state


nominalism (lex monetae) and a different understanding of monetary


aggregates. The author conclude that international monetary legislator is


expected to solve the problem of discrepancy between the globalized


financial market, on the one hand, and the fragmentation of the monetary


system, on the other hand (which not include monetary union with


centralized monetary policy) in the future period.

Published
May 21, 2019
How to Cite
DIMITRIJEVIĆ, Marko. LEGAL REGULATION OF ELECTRONIC MONEY IN INTERNATIONAL MONETARY LAW. Proceedings of the International Scientific Conference "Social Changes in the Global World", [S.l.], v. 1, n. 5, p. 459-471, may 2019. Available at: <http://js.ugd.edu.mk/index.php/scgw/article/view/2947>. Date accessed: 15 aug. 2020.