Place of Electronic Currency Regulations in the Legal System

Abstract

Background/Objectives: This study is aimed at investigating the position, role and significance of electronic currency regulations in the body of laws, studying the process of building the structure of electronic settlement norms in legislative system. Methods: Scientific principles and methods of investigation have been applied based on the requirements for the objective and comprehensive analysis of the processes and phenomena in the noncash settlement legislation, as well as based on the requirements for the operating elements of electronic currency regulations. The study employs the following methods: Systemic approach; structural, functional; historical and legislative; logical; statistical investigations; comparative and legislative analysis; and forecasting. Findings/Improvements: The basic theoretical guidelines and recommendations have been formulated to specify the place of electronic currency regulations in the legal system, to improve active legislation of Kazakhstan and the ways of its practical application. Defining the place of electronic currency regulations in the legal system will help covering the sphere of electronic trade, banking transactions and electronic services with the state legislation. In its theoretical aspect, the study allows determining the position of electronic currency norms to improve the legislative regulations within the sector of cashless settlements. The subject matter of the research proves to be unique, as this issue has hardly ever been touched upon in legal literature. The problems of electronic money circulation have been studied predominantly in economic literature. In this study, an attempt has been made to adapt electronic money to the system of legal institutions, to introduce the key ideas defining the principles and system of electronic currency norms within the legal system together with the main trends for developing the norms for cashless settlements. Application/Improvements: The proposed ideas will facilitate improving the noncash legislation. A new efficient legal mechanism is created to regulate electronic currency and electronic commerce resulting in the increased turnover of goods and services.