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Electronic Money Research

Electronic Money Research

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10/24/2012

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GROUP OF TEN
ELECTRONIC MONEY
Consumer protection, law enforcement, supervisoryand cross border issues
April 1997
Report of the working party on electronic money
 
This report is available on the world wide web site of the BIS: http://www.bis.org. It can also beobtained from the central banks and finance ministries of the Group of Ten countries and from:Bank for International SettlementsCH-4002 Basle
Switzerland
Fax: (41-61) 280 9100International Monetary Fund66, avenue d'Iéna
F-75116 Paris
Fax: (33-1) 47 23 40 89ISBN: 92-9131-901-5
 
Table of contentsI.Introduction
.....................................................................................................1
 Background to the report..........................................................................
1
 Background on electronic money..............................................................
2
General policy objectives..........................................................................
5
II.Consumer Issues
..............................................................................................6
 Introduction..............................................................................................
6
Potential consumer risks posed by electronic money.................................
6
Private-sector measures to address consumer risks...................................
8
Potential policy approaches to consumer protection.................................
10
III.Law Enforcement
............................................................................................12
 Introduction..............................................................................................
12
Potential criminal offences involving electronic money............................
12
Characteristics of electronic money affecting potential usage for criminal activities.....................................................................................
13
 Regulatory and enforcement regimes........................................................
15
IV.Supervisory Issues
...........................................................................................18
 Introduction..............................................................................................
18
 Risks to providers of electronic money......................................................
18
Private-sector measures to address risks..................................................
19
Potential supervisory approaches.............................................................
20
V.Cross-border Issues
.........................................................................................24
Potential cross-border concerns...............................................................
24
Policy approaches to addressing cross-border concerns...........................
26
VI.Summary and Conclusions
.............................................................................27
Annex 1
Survey of policies toward electronic money in the G-10 countries.....................31
Annex 2
Bibliography......................................................................................................37
Annex 3
Members of the working party on electronic money.......................................... 39

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