The Essence and Role of Electronic Money

Authors

DOI:

https://doi.org/10.26512/lstr.v15i2.43948

Keywords:

Electronic Means of Payment. Cryptocurrency. Blockchain. Electronic Payment Systems. Electronic Money.

Abstract

[Purpose] The purpose of the study is to conduct legal analysis on the legal regulation problems concerning the concept of “electronic money” and the development of the modern monetary system of Kazakhstan based on the digitalisation of certain processes in the modern state.

[Methodology/approach/design] Based on the legal and general scientific research methods, an analysis of the existing legal framework and other documents in the studied area was carried out. Also, a comparative-structural analysis of individual norms of legal acts of the Commonwealth of Independent States countries was made.

[Findings] The issues of legal regulation and the incorporation of various concepts related to electronic money circulation into the laws of individual countries were examined based on the focus of the study. The idea of introducing a single digital electronic currency into Kazakhstan's national payment system, which would be backed by government finances and the obligations of the country's National Bank, was also substantiated. The arguments in support of this initiative by Kazakhstan's “main” bank and the country's government to launch a pilot process for the introduction of the digital tenge were formulated. This process will operate in circulation along with other cash and non-cash fiat currencies. In this regard, the chosen subject of the study is certainly promising for further scientific and theoretical deepening. This includes a further study of the prospects of digitalisation of the country's monetary system. Furthermore, a legal approach to the issue has revealed particular shortcomings in the enshrining of certain terms in Kazakhstan's legislation.

Downloads

Download data is not yet available.

Author Biographies

Kamshat Raiymbergenova, Al-Farabi Kazakh National University

Kamshat Raiymbergenova is a Doctoral Student at the Department of Customs, Financial and Environmental Law, Al-Farabi Kazakh National University, Almaty, Republic of Kazakhstan. E-mail: kamshat.raiymbergenova@outlook.com.

Aizhan Zhatkanbayeva, Al-Farabi Kazakh National University

Aizhan Zhatkanbayeva is a Full Doctor in Law, Professor at the Department of Customs, Financial and Environmental Law, Al-Farabi Kazakh National University, Almaty, Republic of Kazakhstan. E-mail: zhatkanbayevaaizhan@yahoo.com.

Aizhan Satbayeva, Kazakh National Agrarian Research University

Aizhan Satbayeva is a PhD in Law, Associate Professor at the Department of Law, Kazakh National Agrarian Research University, Almaty, Republic of Kazakhstan. E-mail: satbayevaaizhan098@gmail.com.

Alisher Gaitov, Kazakh National Agrarian Research University

Alisher Gaitov is a PhD in Law, Associate Professor at the Department of Law, Kazakh National Agrarian Research University, Almaty, Republic of Kazakhstan. E-mail: alishergaitov8@gmail.com.

Botakoz Shansharbayeva, Eurasian Technological University

Botakoz Shansharbayeva is a PhD, Senior Lecturer at the Department of Law, Eurasian Technological University, Almaty, Republic of Kazakhstan. E-mail: bshansharbayeva@yahoo.com.

References

Ajevskis, V. & Vitola, K. (2010). A convergence model of the term structure of interest rates. Review of Finance, 14(4), 727-747.

Ajevskis, V. (2011). A target zone model with the terminal condition of joining a currency area. Applied Economics Letters, 18(13), 1273-1278.

Armenia. (2004). Law of the Republic of Armenia No. ZR-150 “On Payment and Settlement Systems and Payment and Settlement Organizations”. Available at: https://base.spinform.ru/show_doc.fwx?rgn=90246.

Auer, R., Cornelli, G. & Frost, J. (2020). Rise of the central bank digital currencies: drivers, approaches and technologies. Available at: https://www.bis.org/publ/work880.pdf.

Belarus. (2003). Resolution of the Board of the National Bank of the Republic of Belarus No. 201. “On approval of the Rules for conducting operations with electronic money”. Available at: https://www.nbrb.by/legislation/documents/pp_201_199.pdf.

Belarus. (2008). Law of the Republic of Belarus No. 455-Z “On Information, Informatization and Information Protection”. Available at: https://pravo.by/document/?guid=3871&p0=h10800455.

Blahuta, R. I., Kovalchuk, Z. Ya., Bondarchuk, N., Kononova, O. & Ilchenko, H. (2019). Financial resources and organizational culture as determinants for competitive strategy of enterprises. International Journal of Economics and Business Administration, 7(4), 471-482.

Crittenden, C. (2020). Blockchain in California: a roadmap. Available at: https://escholarship.org/uc/item/2j9596dp.

Fourcade, M. & Gordon, J. (2020). Learning like a state: statecraft in the digital age. Journal of Law and Political Economy, 1(1). Available at: https://escholarship.org/uc/item/3k16c24g.

Gharaibeh, B., Al-Refaie, A., Goussous, J. & Shurrab, M. (2012). Effect of CCMS on customer satisfaction and loyalty in Jordanian banks. Information (Japan), 15(12 C), 6227-6237.

Hrynko, P., Grinko, A., Shtal, T., Radchenko, H. & Pokolodna, M. (2021). Formation of an Innovative Business Model of a Trade Organization in the Context of Economic Globalization. Scientific Horizons, 24(6), 92-98.

Idrysheva, S. K. (2021). Electronic payments and electronic money: legal bases and individual collisions in the legal understanding of terms. Journal of Foreign Legislation and Comparative Jurisprudence, 17(1), 68-85.

Kazakhstan. (2016). Law of the Republic of Kazakhstan No. 11-VI. “On Payments and Payment systems”. Available at: https://adilet.zan.kz/rus/docs/Z1600000011.

Kazakhstan. (2020). Resolution of the Board of the National Bank of the Republic of Kazakhstan No. 133. “On approval of the Program for the development of the national payment system in the Republic of Kazakhstan until 2025”. Available at: https://online.zakon.kz/Document/?doc_id=34607746&pos=13;-58#pos=13;-58.

Kazakhstan. (2021). Report of the National Bank of the Republic of Kazakhstan for public discussions. “Digital tenge”. Available at: https://cutt.ly/YHXBHCO.

Kyrgyzstan. (2015) Law of the Kyrgyz Republic No. 21. “On the Payment System of the Kyrgyz Republic”. Available at: http://cbd.minjust.gov.kg/act/view/ru-ru/205425.

Maurer, W. M. (2021). Regulation as retrospective ethnography. Available at: https://escholarship.org/uc/item/70f3942c.

Miethlich, B., Belotserkovich, D., Abasova, S., Zatsarinnaya, E. & Veselitsky, O. (2021). The Impact of COVID-19 on Digital Enterprise Management. IEEE Engineering Management Review, 49(4), 16-29.

Miethlich, B., Belotserkovich, D., Abasova, S., Zatsarinnaya, Е. & Veselitsky, O. (2022). Transformation of Digital Management in Enterprises Amidst the COVID-19 Pandemic. Institutions and Economies, 14(1), 1-26.

Muhetaer, M. (2021). Essay on monetary policy and bank regulation. UC Riverside. Available at: https://escholarship.org/uc/item/3v32c1xm.

Mytrofanov, O., Proskurin, A., Poznanskyi, A., & Zivenko, O. (2022). Determining the power of mechanical losses in a rotary-piston engine. Eastern-European Journal of Enterprise Technologies, 3(8-117), 32-38.

Petukhina, A., Trimborn, S., Härdle, W. K. & Elendner, H. (2021). Investing with cryptocurrencies – evaluating their potential for portfolio allocation strategies. Quantitative Finance, 1-29. Available at: http://dx.doi.org/10.2139/ssrn.3274193.

Proskurnina, N. V., Shtal, T. V., Slavuta, O. I., Serogina, D. O. & Bohuslavskyi, V. V. (2021). Omnichannel Strategy of digital transformation of retail trade enterprise: From concept to implementation. Estudios de Economia Aplicada, 39(6). https://doi.org/10.25115/eea.v39i6.5238

Reule, R. & Härdle, W. K. (2021). Rise of the machines? Intraday high-frequency trading patterns of cryptocurrencies. European Journal of Finance, 27(1-2), 23-24.

Schwartz, P. (2021). German and U.S. telecommunications privacy law: legal regulation of domestic law enforcement surveillance. Available at: https://escholarship.org/uc/item/41s8v90m.

Tanirbergenova, A., Orazbayev, B., Ospanov, Y., Omarova, S. & Kurmashev, I. (2021). Hydrotreating unit models based on statistical and fuzzy information. Periodicals of Engineering and Natural Sciences, 9(4), 242-258.

Trusova, N. V., Hryvkivska, O. V., Yavorska, T. I., Prystemskyi, O. S., Kepko, V. N. & Prus, Y. O. (2020). Innovative development and competitiveness of agribusiness subjects in the system of ensuring of economic security of the regions of Ukraine. Rivista di Studi sulla Sostenibilita, 2020(2), 141-156.

Trusova, N. V., Melnyk, L. V., Shilo, Z. S. & Prystemskyi, O. S. (2021). Credit-investment activity of banks of the Ukraine: Financial globalization, risks, stabilization. Universal Journal of Accounting and Finance, 9(3), 450-468.

Xu, Y. (2020). Bitcoin price forecast using LSTM and GRU recurrent networks, and hidden Markov model. Available at: https://escholarship.org/uc/item/70d9n5sd.

Zaza, T., Boudreau, H. S. & Boyd, C. J. (2021). The utilization of cryptocurrency as financial reimbursement in dermatology practices. Dermatology Online Journal, 27(10). Available at: https://escholarship.org/uc/item/2pn9n8tz.

Zhang, M. (2020). Change of regulatory scheme: China’s new foreign investment law and reshaped legal landscape. UCLA Pacific Basin Law Journal, 37(1). Available at: https://escholarship.org/uc/item/5xh829ms.

Downloads

Published

2023-09-12

How to Cite

RAIYMBERGENOVA, Kamshat; ZHATKANBAYEVA, Aizhan; SATBAYEVA, Aizhan; GAITOV, Alisher; SHANSHARBAYEVA, Botakoz. The Essence and Role of Electronic Money. Law, State and Telecommunications Review, [S. l.], v. 15, n. 2, p. 117–131, 2023. DOI: 10.26512/lstr.v15i2.43948. Disponível em: https://periodicos.unb.br/index.php/RDET/article/view/43948. Acesso em: 8 nov. 2024.

Issue

Vol. 15 No. 2 (2023): Law, State and Telecommunications Review / Revista de Direito, Estado e Telecomunicações

Section

Articles

License

Copyright (c) 2023 Law, State and Telecommunications Review

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

By submitting this paper to the Law, State and Telecommunications Review,

I hereby declare that I agree to the terms of the Creative Commons Attribution 4.0 International (CC BY 4.0).