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  • Electronic money: role, regulation and impact on monetary policy

Electronic money: role, regulation and impact on monetary policy

Research areas:

Duration: April 2015 - December 2015

Electronic money: role, regulation and impact on monetary policy

According to international research, the impact of e-money is largely different from the effects caused by other forms of financial innovation. On the one hand, due to some peculiarities electronic money can be used for the gradual reduction of cash payments that can help to optimize the payment transactions of the country.

However, there is opinion that central banks may lose control over the monetary aggregates, at high risks of uncontrolled emissions. In addition, the circulation of e-money raises a number of questions concerning taxation, privacy and leak of personal data of citizens.

Electronic money is already used in the system of monetary circulation in Uzbekistan, but there is no a decree in the national legislation for regulating the process.

Expert discussions on the blog:

"The risks and advantages of e-money"

"The demand for electronic money"

Useful links
Policy Brief_Electronic money: circulation and potential impact on the economy of Uzbekistan_2015-Rus