Cryptocurrencies (CoinTech)

Abstract

Abstract This chapter looks into the significance of cryptocurrencies. It explains the possibility of making payments without a bank account through e-money, which is regulated under the Electronic Money Regulations SI 2011/99. The regulations provide, among other things, for the registration and authorization of issuers who must issue electronic money at par value on receipt of funds and redeem it at par value on request. The chapter explains the disadvantages of fiat money, which is money issued under the legal authority of a government or central bank, because its value may be affected by national monetary policy. It cites that further regulatory review and intervention can be expected over time as the market continues to evolve and mature.