Scandinavian Working Papers in Economics
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Bank of Finland Research Discussion Papers, Bank of Finland

No 7/2000:
Surveys on Electronic Money

Yuksel Gormez () and Forrest Capie ()

Abstract: This paper investigates the views of electronic money operators and innovators on the possibilities and implications of e-money, especially with respect to replacing central bank money as well as technical issues regarding e-money, its implications for the financial industry and central banking. This has been done using surveys of major e-money innovators and operators, based on the assumption that these operators and innovators are likely to shape the future framework for e-money schemes. It seems that innovators and operators are quite confident about the future of e-money – despite problems and obstacles surrounding current testing – and that central banks’ monopoly of the issuance of money as a medium of exchange will no longer be unchallenged.

Keywords: electronic money; financial regulation; central banks; financial innovation; (follow links to similar papers)

49 pages, June 30, 2000

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