Khmaladze D.Z. Special aspects of electronic money within the systems of open and closed circulation

Abstract: The subject of this research is the legal regulation of the transactions made using electronic currency and the special aspects of electronic transactions within the systems of open and closed circulation. The author analyzes minimal requirements in the area of electronic transaction systems based on the flow of electronic money, which can vary depending on the type of electronic money, and are based on a level of openness of such systems. Depending on the level of openness the author subdivides them into closed or open circulation systems. Based on the conducted analysis, the author highlights the characteristic aspects of electronic money that have originated within a closed circulation system, as well as those that originated within the open circulation system. The author comes to a conclusion that openly circulation system of electronic money is characterized by a high level of flexibility and potentially large user base as compared to the closed circulating systems; it is more universal.

Keywords: