Question

what is electronic money?
how has it evolved over years?

Answer 1

Answer:

Electronic money or e-money has been subject to regulation in the EU since April 2002 when the first Electronic Money Directive 2000/46/EC (“EMD1”) established the regulatory framework. However, there have been difficulties ever since in interpreting and applying in practice the definition of e-money.

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Answer 2

Answer:

Electronic money (e-money) is broadly defined as an electronic store of monetary value on a technical device that may be widely used for making payments to entities other than the e-money issuer. The device acts as a prepaid bearer instrument which does not necessarily involve bank accounts in transactions.

currency evolved from barter, to bartering with set mediums of exchange, to coins representing exchangeable goods, to coins stamped in precious metal, to paper representing coins, to notes representing gold or silver, to being redeemable exclusively for gold, to the end of the gold standard.

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