LEGAL REGULATION OF ELECTRONIC MONEY IN INTERNATIONAL MONETARY LAW

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.

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