New rules on e-money transactions?

Friday 18th December 2009, 3:00PM GMT.

JFSC director general John Harris

AN e-money consultation paper has been published by the Jersey Financial Services Commission to canvass views on the introduction of a regulatory regime for this method of carrying out transactions.

E-money is a concept which came into existence only recently and, technically speaking, is defined as monetary value stored on an electronic device which is effectively an alternative to cash.

Practical examples of e-money in use in the UK and Jersey include web-based services such as a PayPal account or ‘electronic purses’ such as sQuidcard.

The JFSC says: ‘The current absence of a specific regulatory regime for e-money is considered to potentially pose risks both to the reputation of the Island and to consumers. It may also act as a disincentive to the development of e-money products.’

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