The Use of Electronic Money in International Settlements and the Governmental Supervision

Today electronic transfers take a large part in overall money turnover. Electronic payment instruments are used to carry out money transfers. Only 15-20 years ago it was quite difficult to think about making instant electronic payments, not even considering the development of e-money or e-wallets. Settlements, transfers and issue of electronic money are the common knowledge of doing business nowadays. While the process of electronic payments is developing at a great speed nowadays, we should not forget about the governmental part of such process in regulating, controlling and even licensing electronic payment instruments. The article gives the classification of today`s payment instruments, measures of different governments and countries in recognition and control of operations connected with electronic money and electronic transfers are described. The core topic of this article is world’s best practice in using electronic money and the supervisory and control process on the governmental level.