Cover Departmental Papers
E-Money: Prudential Supervision, Oversight, and User Protection
Author:
Mr. Marc C Dobler
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https://orcid.org/0000-0002-9166-195X
,
José Garrido
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,
Dirk Jan Grolleman
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,
Mr. Tanai Khiaonarong
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https://orcid.org/0000-0002-1731-3201
, and
Jan Nolte
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Series:
Departmental Papers
Volume/Issue:
Volume 2021: Issue 027
Language:
English
Publication Date:
14 Dec 2021
DOI:
https://doi.org/10.5089/9781513593401.087
ISBN:
9781513593401
ISSN:
2616-5333
Pages:
33
Keywords:
E-money, Financial regulation, Payment Systems, Deposit insurance, Deposit Banking, Digital Currency, Debit Cards
Legal-disclaimer:
The Departmental Paper Series presents research by IMF staff on issues of broad regional or cross-country interest. The views expressed in this paper are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This departmental paper discusses the evolving prudential frameworks for nonbank issuers of electronic money. Some jurisdictions take a relatively light-touch approach to regulating electronic money issuers (EMIs). Others have sought to apply more stringent requirements to protect electronic money (e-money) users, as the sector has grown in importance. The paper aims to build on previous IMF staff contributions to the literature and to draw policy conclusions for strengthening e-money regulatory regimes; in particular in jurisdictions where issuers, individually or collectively, have grown to a size to which they are of macro-financial importance (see below). Chapter 2 provides background on the development of e-money, its economic benefits, and potential risks. Chapter 3 discusses prudential supervision of EMIs, followed in Chapter 4 by their oversight from a payments system perspective. Chapter 5 discusses potential additional measures for user protection and contingency arrangements for EMI failure. The last chapter presents policy recommendations for policymakers, especially in those emerging market economies and developing countries wherein EMIs have reached a scale at which they could have a significant economic impact if they were to fail.
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Cover Departmental Papers
Departmental Papers
ISSN:
2616-5333
Publisher:
International Monetary Fund
Volume 2021: Issue 027