Proposals to pave the way for electronic money

Date: 30/07/1998

to be issued by telephone companies, supermarkets and other 'non-banks' throughout the EU have been launched by the Commission. Single Market Commissioner Mario Monti said the draft rules, which cover new systems such as 'electronic purses', would “create legal certainty for electronic money”, lift regulatory obstacles to issuing cards in EU member states including Germany and Italy and “safeguard the interests of consumers and businesses”. Under the draft rules, companies issuing electronic cash would have to meet a capital requirement of 500,000 ecu or 2&percent; of their assets.