Who monitors the circulation of electronic money

Why is there an opinion that someone is watching the turnover of electronic currency? Maybe it just seems? Although, in its essence, electronic currency can cause increased interest for a reason, and this interest is not one-sided. What does this mean?
 

Why is electronic money so interesting?

Electronic money is an invention that has given a person certain conveniences, comfort, significant time savings, and, therefore, material benefit. As you know, time is money. For example, in Russia alone, the turnover of electronic money in one year increases more than fivefold, and the volume of transactions also grows accordingly.

The number of e-wallet users is also increasing every day. More than a third of the population prefer electronic types of payments with telecom operators, pay for utilities and loan payments. Based on this, the entire electronic money supply is set in motion, the mechanism for the circulation of electronic money is triggered.

This is the main function, because it is due to the turnover of currency that processes take place, in which not only many vital problems are solved: buying goods, paying bills, etc. In addition, payment systems, which are analogous to banking institutions, have a profit.
 

Investments in e-currency have a good perspective

Investment activity using electronic currency is developing very intensively. This is a very profitable part of the circulation of electronic money in Europe. Many payment systems offer their customers the national currency of Europe, the USA and many other countries. The variety of digital currencies is very large, and they are quite actively competing with each other. People have the right to choose the currency that makes them more trustworthy, offers the most beneficial services and conditions for making transactions.

High turnover - low rates

Large enterprises in European countries, the former Soviet Union, the United States and many others prefer to use electronic currency. Due to the high turnover of e-currency, Internet banks or payment systems can afford low tariffs for their services. For the user, this is, first of all, significant savings on commissions, which are negligible in virtual payment systems. For example, to exchange Perfect Money for SolidTrustPay, you will need to give a mere penny.

An electronic wallet opened in one of the payment systems can be compared to a personal bank on your own computer. Not to mention the comfort, simplicity and high speed of money transactions. The circulation of electronic money, as it was said at the very beginning, arouses genuine interest, consisting in a huge amount of benefits brought by the virtual system.
 

All-seeing eye of the tax man

The next reason that arouses curiosity follows from the first and consists in the successful development of virtual systems, the active operation of the electronic money circulation mechanism. Where big money is "spinning", no matter whether paper or electronic, there will always be a respected tax office nearby. It is she who is on guard of state interests so that every badly lying penny gets into the treasury.

This is her purpose, she will always be interested in those segments where profit is likely, even if it is digital money. She will always force her to share her profits with the state. If you dont want to, they will force you. They will always have legal leverage. For example, the turnover of electronic money in Europe is quite high, but this does not mean that the authorities of European countries do not control this process.

Users are worried about the fate of virtual deposits, because no country has perfect legislation that would clearly regulate the functioning of electronic money. There are so many inconsistencies in it that it is very easy to get into a legal conflict, from which it is very difficult to get out without loss.

Problems associated with the introduction of virtual currency into money circulation:

    Imperfection of the legal framework in the field of using electronic money.
    Disagreement of opinion of electronic payment systems with central banks.
    Insufficiently reliable security system.

According to some experts, such problems are caused by the fact that virtual money, like inaccurately selected puzzles, does not fit into the existing legal system of states in the monetary sphere. But there are enough examples of countries with a more perfect legal framework, which are able to more clearly regulate the processes of introducing digital currency. Such experience can be used by taking it as a basis and adapting it to your legislation.
 

Security is more relevant than ever

Who else monitors the turnover of electronic currency? Yes, no matter how much one would like it, but scammers do not miss an opportunity to covet electronic savings. This is another serious reason for the presence of a certain number of opponents of electronic money, due to the fact that few people believe in their security. Many people believe that if you cant touch your hands.

The issue of security is more urgent than ever

Who else monitors the circulation of electronic currency? Yes, no matter how much one would like it, but scammers do not miss an opportunity to covet electronic savings. This is another serious reason for the presence of a certain number of opponents of electronic money, due to the fact that few people believe in their security. Many people believe that if it cannot be touched by hands, it cannot be properly protected. Moreover, there are such geniuses among hackers for whom it is not so difficult to hack an electronic wallet.

To make the circulation of electronic money under more reliable protection, and the fight against fraudsters more effective, there are several methods:

    Technical. It includes software devices, user authentication, encryption information, codes, keys, passwords.
    Functional. Setting certain restrictions, timely software updates.
    Legal. The established regulations for the processing and use of virtual money, determination of measures for violations of the law.

If all recommendations are taken into account, then the mechanism for the circulation of electronic money will work more efficiently. With all the existing negatives, electronic currency is more perfect and convenient. Due to its positive qualities, its use changes the quality of life itself.
 

Conservatives Dont Serve Progress

An observation can be made that will open your eyes to many things. Take Europe, for example, which has the highest e-money turnover. This once again confirms that one should not be afraid of any innovation, as something superfluous, capable of destroying the well-established traditional ways of monetary relations. The positions of the conservatives have never contributed to progress, let alone technical progress.

Prospects for e-currency

Not everyone agrees with the assumption that electronic money will replace traditional money, and the world will do without cash. However, this opinion exists. Do you need vain excitement about this? Most probably not. We need to put everything in the hands of professionals. After all, the development of innovative technologies in the field of programming, cryptography and encryption has led to a unique result - the emergence of electronic currency, which is called the highest form of money evolution. They perform the same functions as regular money, but they have additional advantages and they are devoid of the disadvantages inherent in paper counterparts. Only the physical form has changed, and their basic essence has remained unchanged.