The Essence and Role of Electronic Money: Specifics of Legal Regulation
Raiymbergenova K. Zhatkanbayeva A. Satbayeva A. Gaitov A. Shansharbayeva B.
October 2023Universidade de Brasilia
Revista de Direito, Estado e Telecomunicacoes
2023#15Issue 2117 - 131 pp.
[Purpose] The purpose of the study is to conduct legal analysis on the legal regulation problems concerning the concept of electronic money and the development of the modern monetary system of Kazakhstan based on the digitalisation of certain processes in the modern state. [Methodology/approach/design] Based on the legal and general scientific research methods, an analysis of the existing legal framework and other documents in the studied area was carried out. Also, a comparative-structural analysis of individual norms of legal acts of the Commonwealth of Independent States countries was made. [Findings] The issues of legal regulation and the incorporation of various concepts related to electronic money circulation into the laws of individual countries were examined based on the focus of the study. The idea of introducing a single digital electronic currency into Kazakhstans national payment system, which would be backed by government finances and the obligations of the countrys National Bank, was also substantiated. The arguments in support of this initiative by Kazakhstans main bank and the countrys government to launch a pilot process for the introduction of the digital tenge were formulated. This process will operate in circulation along with other cash and non-cash fiat currencies. In this regard, the chosen subject of the study is certainly promising for further scientific and theoretical deepening. This includes a further study of the prospects of digitalisation of the countrys monetary system. Furthermore, a legal approach to the issue has revealed particular shortcomings in the enshrining of certain terms in Kazakhstans legislation.
Blockchain , Cryptocurrency , Electronic Means of Payment , Electronic Money , Electronic Payment Systems
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The Department of Customs, Financial and Environmental Law, Al-Farabi Kazakh National University, Almaty, Kazakhstan
The Department of Law, Kazakh National Agrarian Research University, Almaty, Kazakhstan
The Department of Law, Eurasian Technological University, Almaty, Kazakhstan
The Department of Customs
The Department of Law
The Department of Law
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