The Concept of Electronic Money: Broad and Narrow Interpretations, Stored Value Instruments, and the Nature of Claims
The Concept of Electronic Money: Broad and Narrow Interpretations, Stored Value Instruments, and the Nature of Claims

Author(s): Zlatin Sarastov
Subject(s): Economy, Supranational / Global Economy, Business Economy / Management, Financial Markets, ICT Information and Communications Technologies, Socio-Economic Research
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: electronic money; digital currency stored-value instruments; claim, digital finance
Summary/Abstract: This article examines the multifaceted concept of electronic money by distinguishing between its broad interpretation—as any monetary value represented digitally—and its narrow regulatory definition, which focuses on stored-value instruments directly linked to fiat currency deposits. In addition, the discussion extends to the nature and storage of these instruments, emphasizing that all forms of money except commodity and fictional crypto assets, whether electronic or physical, fundamentally represent a claim on an issuer. The paper aims to provide a comprehensive understanding of these concepts and their implications for financial systems and regulatory frameworks.

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