To meet the challenge of electronic money, the European Central Bank
proposes extensive regulation, including:
"i) issuers of electronic money must be subject to prudential supervision;
ii)electronic money schemes must have solid and transparent legal arrangements; …
v) electronic money schemes must supply the central bank with whatever information may be required for the purpose of monetary policy;
vi) issuers of electronic money must be legally obliged to redeem it at par value; and
vii)the possibility must exist for the ECB to impose reserve requirements on all
issuers of electronic money." [European Central Bank, 2000]
This, of course, does not deal with the problems raised by issuers outside its
jurisdiction. It is possible that issuers domiciled where there is less severe regulation,
particularly an absence of reserve requirements, might have a competitive advantage
over those regulated by the ECB.
However, it is also possible that the effect of regulation, and particularly deposit insurance, on the acceptability of e-money might offset such an advantage. In any case, the acceptability of non-bank issued electronic money will depend partly on users' perception of the financial stability of the issuer. At this point, data to judge that may not be easily available to the ordinary user. I inquired of PayPal whether they provided audited financial statements. The response to the inquiry was: "Thank you for contacting PayPal. PayPal do not [sic] provide any type of financial statement." Perusal of their statements filed with the SEC in preparation for their public offering suggested why they would not disclose them on request. Common equity was a negative $186 million as of September 30, 2001. While this was offset by preferred stock, it would likely prove disconcerting to users. On the other hand, this unease might not have a significant impact currently since the average user's account is under $20. However, for consumers and merchants to carry balances to facilitate larger transactions would seem to require greater transparency and confidence by users.
高手请进!急求英文翻译
It has the very important influence to the traditional currency as well as the currency theory. To traditional currency substitution, to currency distribution right influence, to traditional currency demand theory as well as currency supplies theory influence.
英语高手请进来!英文的翻译,在线等。
4.insist on the Party's main general and specific policies for 100 years(one hundred years)never shake
高手请进!急求英文翻译
According to the analysis of the currency impact, and introduced the world of electronic money are more advanced monitoring on the idea, put forward the e-money regulatory measures.
英语高手请进!请帮翻译成地道英文.谢谢!
The incoming letter receives, now has been much better? Hoped that you will soon be restored to health! I have received 250 dollars which you on 25th send. Because of yours peculiar circumstance, you may after arriving at Beijing the spare money 500 dollars, pays us with the ca...
英语高手请进哦!帮我用英文翻译
I used to be a player of school basket team.Look, the light of Teacher Hu's room is still on.I don't think laughing at others right.His biggest problem is that he is not interted in music.
求高质量英文翻译一句话,高手请进
We have grand bluprints and our struggle for them will surely be difficult.
英文翻译,高手请进
place, becoming satisfied with being a second-rate country.第一个是要日本主动做这些事,第二个是说日本总归会那样的,比较被动。对了,如果真要说这些话,而且是要给外国人看,一定要找很多证据。那些句子我也可以继续帮你翻译,不用加分。:)参考资料:在美国长大、目前在顶尖私立高中念书 ...
高手请进,求英文翻译
The 21st century, finance has become now the heart of the economy, financial and network is the modern financial met in the future may show a new look, the future development of the financial industry is an important direction.21世纪,金融已经成为现在经济运行的核心,而网络金融正是...
高手请进!急求英文翻译
因此,它是什么呢?电子货币的交换允许用户建立一个金对成功和最有失败的时间和时间again.so如何,有些人成功?答案是很简单,他们是找到一个业务,工程符合其特定的优势和需要。多数人的今天试图进入家庭为基础的商业行业是不是天才的推销员和营销。人反复折腾期待在所融投资组合,通过一个复杂的系统,...
英语翻译高手请进!(用所给的词翻译)!
1.无论我们遇到什么样的困难,我们都应该想办法克服它(no matter,come across).No matter what hardships we come across, we must try to get over them.2.尊老爱优是中华民族的传统美德(respect\\virtue).(应该是爱幼吧?)Showing respect to the old and love to the young is the traditional...