Legal Analysis of Nature of E-Money

Electronic money that defined as stored-value on an electronic device and at present time is last phase of gradual evolution of money, is described as process of immaterialization and being invisibility of money. It is new phenomenon that in economic view has potential for play the roles of money and its functions. For analysis of legal nature of this phenomenon two approaches can be adopted. First approach is to analyse nature of e-money as kind of money. Second approach is to analyse nature of e-money in viewpoint of not monetary theories and to describe it in form of legal institute that used in commerce. E-money is whatever is a payment system and variety of viewpoints arise from their differences in description and analysis of process of operation of this payment system. Our research is based on this theory that e-money according to its issuers and its acceptor and quality of its issue process and circulation has different legal nature and effects.