E-money gets new lease of life with less strict rules…
The European Union has published a new Directive to replace the previous E-Money Directive from eight years ago. The aim of the Directives is to set up a market for virtual currency to be used in electronic and mobile transactions. The original Directive was seen as too strict and did not have a significant enough impact, and so it is being replaced. For example, an issuer of e-money will need less capital: €1m rather than €125,000. The new Directive must be implemented by each Member State of the European Union by 30 April 2011.
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