This article deals with the issue of regulation of electronic money in International monetary law. The first part of the paper is devoted to the impact of the emergence of such a new payment instrument as electronic money on the development of International monetary law. The author pays special attention to the urgency of the issue related to the regulation of a new means of payment in terms of determining the institution responsible for the issue of electronic money. Further, the author pays attention to the characteristics of electronic money in terms of advantages and disadvantages of using them in commercial transactions. The main task set by the author is to solve the problem of the discrepancy between the globalization of the financial market, on the one hand, and the fragmentation of the monetary system, on the other hand.

The text analyzes the classical theory of understanding money and its connection with electronic money. The application of traditional monetary law to a new means of payment is unsuccessful, which makes it necessary to modify it, and first of all to determine the legal aspects of the use of electronic money. The emphasis is that there should be adequate monetary legislation that responds to changes, such as, for example, the reduction of cash payments in particular banknotes and coins and the increasing use of non-cash payment methods. The emergence of electronic money has contributed to the shift from the traditional banking system to the system of electronic payments, and now there is a need to adapt the classical legal concept of money, exchange rate policy and the leading role of the central bank to new circumstances. The author distinguishes these circumstances in three areas: physical substances of new payment means, redefinition of the currency unit and the questions of the Issuer of electronic money.

The leading role of governance is no longer given with full confidence to the central bank, since today central banks perform a large number of tasks both in the field of monetary stability and in the field of general financial stability, and therefore there is a question about the effectiveness of this decision. The author concludes, the IMF should provide global oversight of changing monetary policy, implying that both central and commercial banks should participate in the definition of electronic money in order to obtain a process on the components of legality and legitimacy. In addition, monetary law theorists should pay more attention to finding optimal solutions that will preserve the currency heritage and value of the international monetary architecture, internal and international monetary stability as well as the avoidance of unnecessary monetary disputes.

Source: Dimitrijevi? M. «Legal regulation of electronic money in international monetary law» Proceedings of the International Scientific Conference" Social Changes in the Global World". Vol. 1. No. 5. 2018.

URL: http://js.ugd.edu.mk/index.php/scgw/article/download/2947/2609