Research Article
Semen Stetsenko, Olena Yu. Syn
Abstract
A wide spread of electronic money use in developed countries, both in e-commerce and in the real economy, has necessitated the development of the normative regulation of their circulation in different countries. Despite the fact that the legal nature of the contract of sale has not changed from the way the offer is accepted, either verbally or using electronic devices, the practice of using electronic money has proven that legal instruments that have been established earlier and effectively regulate traditional legal relations in many cases are not suitable for the effective settlement of financial relations, implemented with the help of modern technological devices. The absence of legislative regulations that would allow taking into account the specifics of using electronic money led to serious legal problems that increased in proportion to the development of electronic money. The development of financial and legal regulation of the circulation of electronic money in developed countries was determined by the needs of: creating of conditions for increasing the efficiency of the state credit system; establishment of supervision over issue and circulation of electronic money; maintaining the stability of the national payment system as a whole, its quality and reliability improvement; providing participants of the electronic money turnover with maximum protection; creating conditions for the taxation of electronic money transactions; preventing the movement of funds used in illegal transactions; stimulating the development of economic activity in the financial market of innovative technologies.