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Main page  |  FAQ  |  Why is currency on the internet not legally real money?

Why is currency on the internet not legally real money?

2016-06-11 00:00:00

In recent years, there have been more and more conversations about the features of electronic money, their status. Not only users, but also many legislative structures do not understand the legal regime of electronic money. On the one hand, payment systems operate on the territory of Russia and follow generally accepted restrictions, and on the other hand, it is not clear what electronic money is legally.

What is their essence? Electronic money is currently a special type of money that is transferred between users and does not involve opening a bank account. The main task is the fulfillment of financial obligations by the party that presented the money to third parties.

 

Conditions for creating electronic currency

To understand the legal basis of electronic money, it is worth understanding the nature of their appearance. The purpose of creating such a currency is to make payments online and offline for services, work and goods. In addition, network users can pay for the Internet and mobile communications, pay off debts in banks, pay fines, and so on. Today a number of payment systems operate in Russia, including Yandex.Money , WebMoney , RUpay and others.

In theory, the creation of electronic currency is available to everyone. Main requirements:

  • The ability to ensure the security of customers electronic wallets and the funds that are stored in them.
  • Existence of agreements with sellers who agree to accept “surrogates” (electronic currency) in the form of payment.
  • Creation of a network for accepting cash. In some cases, an agreement on electronic funds transactions is required, taking into account the functioning of the system.

The above conditions allow you to create the simplest network. But, in fact, that kind of money can only be used within one network. With their help, you can pay for goods (services), but without the possibility of receiving cash.

A higher level is payment systems (EPS), which work closely with banks, companies and online stores. The principle is similar, but the structure is more complex. The work is carried out on the basis of an agreement under which the EPS guarantees the safety of the wallet and ensures the comfort of managing funds In addition, if necessary, electronic money is transferred into cash.

 

What is the legal essence of electronic money?

Everyone can become part of the EPS, but subject to specific conditions. Thus, the electronic money that is currently in force, as well as related services provided by the payment system, are available after the agreement between the consumer and the EPS is concluded. For obvious reasons, the process of concluding an agreement is carried out electronically. The fact of registration of the agreement sets the legal regime for electronic money.

Online settlements are only possible using the “internal” currency. The conversion process takes place after a certain amount is credited to the EPS account by depositing money by bank transfer or settlement. It turns out that legally electronic money has a weight only within the system, because according to the Civil Code of the Russian Federation (Article 140), this type of money is just the notional value of money. This is explained by the following factors:

  • Electronic currency works only in one EPS. Its capabilities do not extend beyond the system.
  • Cash (real) funds are in the hands of the EPS operator.
  • There is no need to open settlements to conduct transactions on the network. However, the definition of "current account" does not apply at all.
  • Whatever transactions are made within the network, there is no cash flow. If we proceed from a legal point of view, then in the process of performing transactions with electronic money, the rights of claim are assigned. The EPS is the creditor, the operator is the other party. It turns out that we are talking about debt obligations, and not about ordinary money.
  • Upon completion of the operation, it is possible to exchange funds through the banking system and transfer them into cash.
  • The users e-wallet is a simple way to keep track of claims.

Here we can summarize the following:

  • Comparison of electronic currency and cash is incorrect - these are essentially different "structures", although they perform the same function
  • Virtual money has a twofold nature. On the one hand, they are a means of making payments, and on the other, they are an EPM obligation.
  • A more correct term that applies to such a currency is electronic accounting.

 

What is the legal essence of other electronic money - cryptocurrencies?

It is worth noting another type of virtual currency, which is fighting for existence along with EPS. But unlike classical payment systems, the relationship of cryptocurrency in the legislative sphere has not yet developed. Such electronic money is legally prohibited. They cannot be issued or transferred in Russia. Despite the attempts of some EPS to create their own cryptocurrency, we are talking about Bitrule from Qiwi , there are still many questions at the legislative level. At the same time, the punishment for their use and release only increases.

The legal regime of such electronic money in the world deserves special attention. For example, in the United States of America, regulators are looking at this currency and trying to make it accountable to the financial system. If you wish, you can even sell a house for the same Bitcoins . But there are countries where the circulation of cryptocurrency is severely restricted. An example is the already mentioned Russia or China, where in 2013 the national bank banned the use of such money. At the same time, the introduced ban does not apply to individuals. In Europe (in France, Switzerland, Germany and other countries), active work is underway to legalize them, transforming them into the role of an accountable virtual unit.

Electronic money is currently in transition. They are not cash, but the time will come when they will be recognized by law, and the virtual currency itself will completely replace banknotes in the wallet.