- In the case of the provision of services, the place in a Member State where, under the contract, the services were provided or should have been provided, c if subparagraph b does not a
Trang 1documents concerning compromise and
reconcili-ation made through proper out-of-court settlement
procedures
REFERENCES
Boele-Woelki, K., & Kessedjian, C (Eds.) (1998)
Internet: Which court decides? Which law
ap-plies? Kluwer.
ADDITIONAL READING
Basedow, J (2000) The effects of globalization
on private international law In Basedow & Kono
(Eds.), /HJDODVSHFWVRIJOREDOL]DWLRQ²&RQÀLFW
of laws, Internet, capital markets and insolvency
in a global economy Kluwer
Beatty, M (1999) Litigation in cyberspace: The
current and future state of Internet jurisdiction
University of Baltimore Intellectual Property
Law Journal, 7, 127.
Bogdan, M (2006) Concise introduction to EU
private international law Europa Law
Publish-ing
Chen, X (2004) United States and European
Union approaches to Internet jurisdiction and
their impact on e-commerce University of
Penn-sylvania Journal of International Economic Law,
25, 423.
Chik, W (2002) U.S jurisdictional rules of
adjudication over business conducted via the
In-ternet—Guidelines and a checklist for the
e-com-merce merchant Tulane Journal of International
and Comparative Law, 10, 243.
Geist, M (2000) E-commerce jurisdiction: the
Canadian approach Journal of Internet Law,
4, 9.
Gillies, L (2006) The new legal framework for
e-commerce in Europe European Law Review,
31, 774.
Huntley, A (2005) Contract law in an e-commerce
age International Journal of Law & Information Technology, 13, 291.
Jennings, M (2005) Finding legal certainty for e-commerce: Traditional personal jurisdiction analysis and the scope of the zippo sliding scale
Washburn Law Journal, 44, 381.
Jezairian, S (2000) Lost in the virtual mall:
Is traditional personal jurisdiction analysis
ap-plicable to e-commerce cases? Arizona Law Review, 42, 965.
Katsh, E., et al (2000) E-commerce, e-disputes, DQGHGLVSXWHUHVROXWLRQ ,QWKHVKDGRZRI³H%D\
Law.” Ohio State Journal on Dispute Resolution, 15(3), 705.
Kightlinger, M (2003) A solution to the Yahoo! problem? The EC e-commerce directive as a model for international cooperation on Internet
choice of law Michigan Journal of International Law, 24, 719.
Nimmer, R (2001) Principles of contract law
in electronic commerce In Fletcher, Mistelis, &
Cremona (Eds.), Foundation and perspectives of international trade law Sweet & Maxwell.
Pappas, C (2002) Comparative U.S and EU ap-proaches to e-commerce regulation: Jurisdiction, electronic contracts, electronic signatures and
taxation Denver Journal of International Law and Policy, 31, 325.
Stone, P (2006) EU private international law: harmonisation of laws Elgar European Law.
Takahashi, K (2006) A major reform of Japanese
private international law Journal of Private In-ternational Law, 2(2),
Trang 26\PSRVLXP &XUUHQW GHEDWHV LQ WKH FRQÀLFW RI
laws: Choice of law and jurisdiction on the
In-ternet: Choice of law for Internet transactions:
The uneasy case for online consumer protection
(2005) University of Pennsylvania Law Review,
153, 1883.
Symposium on approaching e-commerce through
uniform legislation: Understanding the Uniform
Computer Information Transactions Act and the
Uniform Electronic Transactions Act (2000)
Duquesne Law Review, 38, 205.
ENDNOTES
1 7KH ZRUGV RI FRQÀLFWRIODZV FRQÀLFWV
law, or private international law are used
as interchangeable terms in this chapter
2 See generally, K Boele-Woelki and C
Kes-sedjian ed., Internet: Which Court Decides?
Which Law Applies? (Kluwer, 1998)
Ac-FRUGLQJWRWKH³,QWURGXFWLRQ´RIWKLVERRN
³>W@KH PDLQ TXHVWLRQ LV ZKHWKHU WKH
FKDO-lenges created by the global information
UHYROXWLRQWRWKHFRQÀLFWVODZ\HUDUHPDWWHUV
of substance or only matters of degree.”
3 In case of computer information
transac-tions like this hypothesis, the object of the
contract is software that is not goods in a
strict sense One could regard this contract
as a sale contract, and the others as a license
contract
4 Supreme Court Judgment of Nov 28, 1975,
Minshu Vol 29, No 10, p.1554.
5 Supreme Court Judgments of Oct 16,1981,
Minshu Vol 35, No, 7, p 1224 and especially
of Nov 11, 1997, Minshu Vol 51, No 10, p
4055
6 Article 4 of the Code of Civil Procedure
7 Articles 5 of the Code of Civil Procedure
8 Article 8 (1) of the Act of the Application
of Laws
9 Article 8 (2) of the Act of the Application
of Laws
10 Nevertheless, some academics, including this author, strongly insist that certain QRQVWDWH OHJDO QRUPV KDYH TXDOL¿FDWLRQV
to be applied directly as the applicable law through Japanese Private International Law rules These norms include at least the Unidroit Principles, the 1980 UN Conven-tion on Contracts for the InternaConven-tional Sale
of Goods that is not entered into force in Japan, the Uniform Customs and Practice for Documentary Credits, and so forth, in
the author’s view See, 1994 Inter-American
Convention on the Law Applicable to In-ternational Contracts (Mexico Convention) adopted by the Organization of American States The Proposed Rome I Regulation also has a similar provision COM (2005)
¿QDO
11 OJ 16 1 2001, L 12/1 The Brussels I Regu-lation modernizes and replaces the 1968 Brussels Convention on the same matters The Brussels Convention continues to apply
in relation to Denmark, to which the Brussels
I Regulation does not apply See Article 1
(3) of the Regulation
12 Article 4 (1) of the Regulation
13 3DUDJUDSKRI$UWLFOHUHDGV ³$SHUVRQ domiciled in a Member State may, in another Member State, be sued:
1 (a) In matters relating to a contract, in the courts for the place of performance
of the obligation in question;
(b) For the purpose of this provision and unless otherwise agreed, the place
of performance of the obligation in question shall be:
- In the case of the sale of goods, the place in a Member State where, under the contract, the goods were delivered or should have been delivered,
Trang 3- In the case of the provision of
services, the place in a Member State where, under the contract, the services were provided or should have been provided, (c) if subparagraph (b) does not apply
then subparagraph (a) applies.”
14 Paragraphs 1 and 2 of Article 23 state as
follows:
³,IWKHSDUWLHVRQHRUPRUHRIZKRP
is domiciled in a Member State, have
agreed that a court or the courts of a
Member State are to have jurisdiction
to settle any disputes which have arisen
or which may arise in connection with a
particular legal relationship, that court
or those courts shall have jurisdiction
Such jurisdiction shall be exclusive
unless the parties have agreed
other-wise Such an agreement conferring
jurisdiction shall be either:
a In writing or evidenced in
writ-ing
b In a form which accords with
practices which the parties have established between themselves
c In international trade or
com-merce, in a form which accords with a usage of which the parties are or ought to have been aware and which in such trade or com-merce is widely known to, and regularly observed by, parties to contracts of the type involved in the particular trade or commerce concerned
2 Any communication by electronic
means which provides a durable record
of the agreement shall be equivalent
WR³ZULWLQJ´
15 The most recent consolidated text of the
Convention is found in OJ 30.12.2005 C 334
p.1
16 3DUDJUDSKRI$UWLFOHUHDGV ³$FRQWUDFW shall be governed by the law chosen by the parties The choice must be expressed or demonstrated with reasonable certainty by the terms of the contract or the circumstances
of the case By their choice the parties can select the law applicable to the whole or a part only of the contract.”
17 Paragraphs 1 and 2 of Article 4 state as fol-lows:
³7RWKHH[WHQWWKDWWKHODZDSSOLFDEOH
to the contract has not been chosen in accordance with Article 3, the contract shall be governed by the law of the country with which it is most closely connected Nevertheless, a separable part of the contract which has a closer connection with another country may
by way of exception be governed by the law of that other country
2 Subject to the provisions of paragraph 5
of this Article, it shall be presumed that the contract is most closely connected with the country where the party who
is to effect the performance which is characteristic of the contract has, at the time of conclusion of the contract, his habitual residence, or, in the case of a body corporate or unincorporate, its central administration However, if the contract is entered into in the course
of that party’s trade or profession, that country shall be the country in which the principal place of business
is situated or, where under the terms
of the contract the performance is to
be effected through a place of business other than the principal place of busi-ness, the country in which that other place of business is situated.”
18 See Chapter 3 of the Regulation.
19 6HFWLRQ WLWOHG ³&2175$&78$/ CHOICE OF FORUM” reads:
Trang 4D ³7KHSDUWLHVLQWKHLUDJUHHPHQWPD\
choose an exclusive judicial forum
unless the choice is unreasonable and
unjust
b A judicial forum specified in an
agreement is not exclusive unless the
agreement expressly so provides.”
20 6HFWLRQ WLWOHG ³&+2,&( 2) /$:´
reads:
D ³7KHSDUWLHVLQWKHLUDJUHHPHQWPD\
choose the applicable law However,
the choice is not enforceable in a
con-sumer contract to the extent it would
vary a rule that may not be varied by
agreement under the law of the
juris-diction whose law would apply under
subsections (b) and (c) in the absence
of the agreement
b In the absence of an enforceable
agree-ment on choice of law, the following
rules determine which jurisdiction’s
law governs in all respects for purposes
of contract law:
1 An access contract or a contract
providing for electronic delivery
of a copy is governed by the law
of the jurisdiction in which the licensor was located when the agreement was entered into
2 A consumer contract that requires
delivery of a copy on a tangible medium is governed by the law of the jurisdiction in which the copy
is or should have been delivered
to the consumer
3 In all other cases, the contract
is governed by the law of the jurisdiction having the most VLJQL¿FDQW UHODWLRQVKLS WR WKH
transaction
c In cases governed by subsection (b),
if the jurisdiction whose law governs
is outside the United States, the law of
that jurisdiction governs only if it pro-vides substantially similar protections and rights to a party not located in that jurisdiction as are provided under this [Act] Otherwise, the law of the State WKDWKDVWKHPRVWVLJQL¿FDQWUHODWLRQ-ship to the transaction governs
d For purposes of this section, a party
is located at its place of business if it has one place of business, at its chief H[HFXWLYH RI¿FH LI LW KDV PRUH WKDQ one place of business, or at its place of incorporation or primary registration
if it does not have a physical place of business Otherwise, a party is located
at its primary residence.”
21 New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards
of June 10, 1958
22 As to the theory of special circumstances,
see above II 1 (1).
23 Article 15 reads:
³,QPDWWHUVUHODWLQJWRDFRQWUDFWFRQ-cluded by a person, the consumer, for
a purpose which can be regarded as being outside his trade or profession, jurisdiction shall be determined by this Section, without prejudice to Article
4 and point 5 of Article 5, if:
a It is a contract for the sale of goods
on installment credit terms; or
b It is a contract for a loan repayable
by installments, or for any other IRUPRIFUHGLWPDGHWR¿QDQFH the sale of goods; or
c In all other cases, the contract has been concluded with a per-son who pursues commercial
or professional activities in the Member State of the consumer’s domicile or, by any means, directs such activities to that Member State or to several States
Trang 5including that Member State, and the contract falls within the scope
of such activities
2 Where a consumer enters into a
con-tract with a party who is not domiciled
in the Member State but has a branch,
agency or other establishment in one of
the Member States, that party shall, in
disputes arising out of the operations
of the branch, agency or
establish-ment, be deemed to be domiciled in
that State
3 This Section shall not apply to a
con-tract of transport other than a concon-tract
which, for an inclusive price, provides
for a combination of travel and
accom-modation.”
24 See especially, Paragraph 1(c) of Article
15
25 3DUDJUDSK RI $UWLFOH WLWOHG ³&HUWDLQ
consumer contracts” states as follows;
1 This Article applies to a contract the
object of which is the supply of goods or
VHUYLFHVWRDSHUVRQ ³WKHFRQVXPHU´
for a purpose which can be regarded as
being outside his trade or profession,
or a contract for the provision of credit
for that object
26 $UWLFOHWLWOHG³0DQGDWRU\UXOHV´UHDGV
³:KHQDSSO\LQJXQGHUWKLV&RQYHQ-tion the law of a country, effect may
be given to the mandatory rules of the
law of another country with which the
situation has a close connection, if and
in so far as, under the law of the latter
country, those rules must be applied
whatever the law applicable to the
contract In considering whether to
give effect to these mandatory rules,
regard shall be had to their nature and
purpose and to the consequences of
their application or non-application
2 Nothing in this Convention shall
restrict the application of the rules
of the law of the forum in a situation where they are mandatory irrespective
of the law otherwise applicable to the contract.”
27 See mentioned Section 109.
28 See for example, Zippo Manufacturing Company v Zippo Dot Com, Inc., 952 F
Supp 1119 (W.D Pa 1997), which is not a consumer contract case
29 OJ 17.7.2000 L 178/1
30 COMMISSION RECOMMENDATION of
30 March 1998 on the principles applicable
to the bodies responsible for out-of-court settlement of consumer disputes, OJ 17.4.98,
L 115/31 and COMMISSION RECOM-MENDATION of 4 April 2001 on the prin-ciples for out-of-court bodies involved in the consensual resolution of consumer disputes,
OJ 19.4.2001, L 109/56 As a world-wide
project, see the UNCITRAL Model Law on
International Commercial Conciliation
31 Commission Working Document on the creation of an Extra-Judicial Network (EEJ-Net), SEC (2000) 405
32 ³9,',6387(5(62/87,21$1'5(-'5(66´ ³$ $33/,&$%/( /$: $1' JURISDICTION” of Part 2 of the Guidelines states as follows;
³%XVLQHVVWRFRQVXPHUFURVVERUGHUWUDQV-actions, whether carried out electronically
or otherwise, are subject to the existing framework on applicable law and jurisdic-tion
Electronic commerce poses challenges to this existing framework Therefore, con-sideration should be given to whether the existing framework for applicable law and MXULVGLFWLRQVKRXOGEHPRGL¿HGRUDSSOLHG differently, to ensure effective and transpar-ent consumer protection in the context of the continued growth of electronic commerce
In considering whether to modify the exist-ing framework, governments should seek
to ensure that the framework provides
Trang 6fair-ness to consumers and busifair-ness, facilitates
electronic commerce, results in consumers
having a level of protection not less than that
afforded in other forms of commerce, and
provides consumers with meaningful access
to fair and timely dispute resolution and redress without undue cost or burden.”
This work was previously published in Cyberlaw for Global E-business: Finance, Payments, and Dispute Resolution, edited
by T Kubota, pp 239-254, copyright 2008 by Information Science Reference (an imprint of IGI Global).
Trang 7Chapter 8.11
The Regulation of New Forms
of Electronic Fund Transfers in
Japan Focusing on Electronic Money
Takashi Nakazaki 1
Anderson Mori & Tomotsune, Japan
ABSTRACT
In this chapter, after surveying existing Japanese
public laws that regulate the transfer of funds via
the Internet, and focusing on electronic money in
particular, It will be discussed how these existing
regulations may apply to new electronic payment
methods that may not have been accounted for
when these regulations were established, whether
WKHUHJXODWLRQVDUHVXI¿FLHQWWRERWKSURYLGHFRQ-venience to the user and protect their safety, and
whether these regulations are desirable as
busi-ness conditions for developing electronic money
Through these discussions, certain objectives
will be developed, which should be taken into
account when developing regulations in Japan
on the transfer of funds via the Internet Also,
this chapter discusses anti-money laundering
regulations applicable to transfers of funds on
the Internet, focusing on electronic money, and
will examine how Japanese money laundering
regulations may apply to cross-border transfers of funds using overseas electronic money services Through this examination, the chapter will at-tempt to suggest desirable money laundering regulations on domestic electronic money in the near future Furthermore, this chapter discusses real money trade and point-rewarded programs in view of function of payment or transferring funds electronically in extended research sections, and closes by predicting future research directions
INTRODUCTION: WHY ELECTRONIC MONEY NOW?
Electronic Money has Increasingly become a Part of Personal Lives in Japan
The use of Electronic Money has been expanded
Trang 8used transactions in various goods and services
As the commercial online transactions quickly
spread among general consumers, the necessity
for establishing electronic payment methods has
increased Also, as the domestic player population
of online games continues to expand, intermediate
agents on the Internet specialized for Real Money
7UDGLQJ KHUHLQDIWHU UHIHUUHG WR DV ³507´
meaning the exchange of virtual currency within
online games with the currency of the real world,
has also appeared Meanwhile, in the real world,
in order to avoid the time and effort involved in
using cash at vending machines, convenience
stores, and so forth, IC chips that act as Electronic
Money devices have been introduced IC chips
working as Electronic Money have become a
standard function of cellular phones and cellular
phones themselves, which are widely used by the
Japanese, have an Electronic Money function
The integration of IC chips into cellular phones
brought about an increase in the number of users
of Electronic Money Moreover, it did not stop
only at transactions with entrepreneurs supplying
goods and service, also allowed users to transfer
the electronic value recorded on IC chip to each
other In addition, the number of shops that
ac-cept Electronic Money from existing Electronic
Money issuers has increased rapidly, thanks to
associations with other issuers Furthermore,
large-sized mass home electronics retailers and
airline companies have started a service which
converts points and mileage into Electronic Money
issued by other entities
How has the Japanese Government
Responded to the Spread of
Electronic Money?
As a social phenomenon, Electronic Money has
started to spread to general consumers, rather
WKDQPHUHO\EHLQJFRQ¿QHGWRVSHFLDOXVHJURXSV
Therefore, the introduction of legislation regulating
Electronic Money in order to protect consumers has
bers of the Japanese government have frequently advocated the introduction of full-scale legislation
on Electronic Money and have issued research reports Although these reports are available to the public, since Electronic Money has not yet become fully widespread, the legislation which covers Elec-tronic Money widely has not yet been established
In this situation, the Working Group on Information Technology Innovations and Financial Systems KHUHLQDIWHUUHIHUUHGWRDVWKH³:RUNLQJ*URXS´ under the Sectional Committee on Financial Sys-tem of the Financial SysSys-tem Council of Financial Services Agency (FSA) has held several hearings from providers of prepaid-type electronic payment services, focusing on the detailed content of their services and their safety measures The Working Group released a memorandum from the chairman23 )6$ WKH ³&KDLUPDQ 0HPRUDQGXP´ WR WKHSXEOLFHQWLWOHG³,VVXHVIDFLQJWKH'HYHORSPHQW
of New Electronic Payment Services” in April,
2006 The Chairman Memorandum is primarily
a summary of: (1) matters to be considered by service providers and (2) issues to be studied by the government in the future
However, the Chairman Memorandum covers only prepaid-type electronic payment services, VXPPDUL]HGDQGFDWHJRUL]HGLQWR³HOHFWURQLFSD\- PHQWVHUYLFHVXVLQJ,&FKLSV´DQG³HOHFWURQLFSD\-ment services over the Internet” and does not cover the newest forms of electronic funds transfer, such
as point cards or air miles Moreover, the Working Group approached the matter mainly from the view point of how to raise the reliability of prepaid-type electronic services through more stable payments and stronger user protection, not from the view point
of the right to issue currency only being permitted E\WKHQDWLRQ¿QDQFLDOSROLF\DQGEDODQFLQJZLWK strict regulations on banks
The Aim of this Chapter
In this chapter, after surveying existing Japanese public laws that regulate the transfer of funds via the Internet, and focusing on Electronic Money in
Trang 9particular, it will be discussed how these existing
regulations may apply to new electronic payment
methods that may not have been accounted for
when these regulations were established, whether
WKH UHJXODWLRQV DUH VXI¿FLHQW WR ERWK D SURYLGH
convenience to the user and protect their safety,
and whether these regulations are desirable as
business conditions for developing Electronic
Money Through these discussions, certain
objec-tives will be developed, which should be taken
into account when developing regulations in Japan
on the transfer of funds via the Internet
Also, this chapter discusses anti-money
laundering regulations applicable to transfers
of funds on the Internet, focusing on Electronic
Money, and will examine how Japanese money
laundering regulations may apply to
cross-bor-der transfers of funds using overseas Electronic
Money services Through this examination, this
chapter will attempt to suggest desirable money
laundering regulations on domestic Electronic
Money in the near future
Lastly, the extended research sections discuss
real money trade and point-rewarded programs,
focusing on the use of such services to make
pay-PHQWVRUWUDQVIHUIXQGVHOHFWURQLFDOO\DQGWKH¿QDO
section predicts future research directions
WHAT IS “ELECTRONIC MONEY”?
Discussions So Far
When considering regulations on Electronic Money,
LWLVQHFHVVDU\¿UVWWRFOHDUO\LGHQWLI\WKHVXEMHFWRI
the regulations The common understanding of the
WHUP³(OHFWURQLF0RQH\´YDULHVZLGHO\LQ-DSDQ
One view insists that Electronic Money means
electronic payment methods or general payment
methods using advanced information
communi-cation technology The other view claims that the
Electronic Money means the electronic data itself
which has monetary value By way of illustration,
the understandings of Electronic Money indicated in
WKHWZRUHSRUWVLVVXHGE\WKH¿UVW4 and the second5 (June 1998) round-table conferences on the theme RI(OHFWURQLF0RQH\DUHYHU\GLIIHUHQW7KH¿UVW report divides the digitalization of payment services into 1) the means of payment and 2) the method RISD\PHQW,QWKLVFRQWH[W³PHDQVRISD\PHQW´ means the instruments that have monetary value, VXFKDVFDVKDQG³PHWKRGRISD\PHQW´PHDQVWKH PHFKDQLVPVIRUWUDQVIHUULQJ³PHDQVRISD\PHQW´ such as payment by debit card and wire transfers XVLQJ RQOLQH EDQNLQJ 7KH ¿UVW UHSRUW GH¿QHV Electronic Money quite narrowly, as electronic data itself having monetary value within the category RI³PHDQVRISD\PHQW´7KHVHFRQGUHSRUWRQWKH other hand, explains that Electronic Money is a payment mechanism performed by the transfer
or updating of an electronic record issued cor-responding to funds provided prior to issuance, or the electromagnetic record itself In summary, the second report assumes that the meaning of Elec-tronic Money varies from elecElec-tronic data to method
of payment, depending on the context In revising the 1998 Foreign Exchange and Foreign Trade Law
(Gaikokukawase oyobi Gaikokubouekihou, Law
1RRI DVDPHQGHGWKH³)(/´ LWLQWHQGV
to include both electronic payment services using IC-chip-embedded devices, such as IC cards and PRELOHSKRQHV KHUHLQDIWHUUHIHUUHGWRDV³,&FKLS type service”) and electronic payment services in which electronic value data is centrally managed solely on the service provider’s server (hereinafter UHIHUUHGWRDV³6HUYHU0DQDJLQJW\SHVHUYLFH´ LQWR WKHGH¿QLWLRQRI³PHDQVRISD\PHQW´DSSOLHGE\ WKHVDLGODZDQGVHWVRXWWKHGH¿QLWLRQVLQWKH)(/ accordingly.6 The FEL is the only piece of legisla-WLRQZKHUH(OHFWURQLF0RQH\LVGH¿QHG7KH)(/ GH¿QLWLRQVZHUHKRZHYHUFUHDWHGLQWKHFRQWH[W
of the FEL, and are only used in this article for reference purposes
The Chairman Memorandum does not use WKHWHUP(OHFWURQLF0RQH\EXWXVHV³(OHFWURQLF Payment Services” instead This seems to try
to clarify the subject of prospective regulations
in the near future, by excluding the vague and
Trang 10multiple meanings corresponding to the term
Electronic Money
Position of this Article on How to
Analyze the Term Electronic Money
Although the expression Electronic Money is
used in this chapter, it is not realistic to pursue a
VLQJXODUVWULFWGH¿QLWLRQRIWKHWHUPKHUHDVVXFK
GH¿QLWLRQ KDV ORQJ EHHQ GHEDWHG DQG UHPDLQV
controversial
In order to determine how increasingly
preva-lent Electronic Money transactions should be
regulated, it would be useful to determine and
analyze the core elements of Electronic Money
that are common to all understandings of the term
In the following section, such core elements will
EHGLVFXVVHGDIWHUSURYLGLQJDORRVHGH¿QLWLRQ
of the concept of Electronic Money
'H¿QLWLRQRI(OHFWURQLF0RQH\LQWKLV
Chapter
What Range Should Electronic Money
Cover?
6KRXOG (OHFWURQLF 0RQH\ PHDQ RQO\ ³PHDQV RI
SD\PHQW´RULQFOXGHERWK³PHDQVRISD\PHQW´DQG
³PHWKRGVRISD\PHQW´")RUWKHSXUSRVHVRIWKLV
FKDSWHU³PHWKRGVRISD\PHQW´LQWKHGH¿QLWLRQ
of Electronic Money will not be included because
PDQ\³PHWKRGVRISD\PHQW´VXFKDVZLUHWUDQVIHUV
and credit payments through the Internet have
be-come widely used in Japan, and have already been
thoroughly discussed; it would be unnecessary to
argue further that they should be regulated Once
we assume that Electronic Money does not include
³PHWKRGVRISD\PHQW´WKHQH[WTXHVWLRQLVZKHWKHU
Electronic Money is limited to data having monetary
value in and of itself, or in addition, whether it should
include a payment scheme using electronic means
of payment, that is, data with monetary value A
payment scheme using electronic means of payment
non-electronic means of payment insofar as in the former system, users directly control the data with monetary value Users of electronic methods of payment using non-electronic means of payment may only give instructions to the entities actually controlling the non-electronic means of payment, such as cash, that is, banks and credit card com-panies Even if the meaning of Electronic Money
is limited to data having monetary value in and
of itself, it cannot be determined how Electronic Money transactions should be regulated without also analyzing the effect of payment by transfer-ring such data
Does Electronic Money Need Versatility?
Whether it is necessary for Electronic Money
to be versatile is arguable The opinion of the author is that it is unnecessary Whether Elec-tronic Money needs versatility, namely, whether payment by Electronic Money should be a perfect substitute for payment using cash currency, is primarily a political and theoretical issue, and is GLVWLQFWIURPLVVXHVRI¿QGLQJWKHVROXWLRQWRD VRFLDOSKHQRPHQRQ%\³DSROLWLFDODQGWKHRUHWL-cal argument,” it is meant that Electronic Money functioning as a perfect alternative for cash cur-rency will infringe the exclusive right of nations
to issue currency, or contravene currency laws and regulations However, making Electronic Money absolutely equivalent to cash by endowing it with versatility and cashability has been the aspiration
of Electronic Money advocates In addition, as a social phenomenon, some of the existing payment services which may be used only for purchasing certain goods or services tend to be versatile to some extent, through the relationship between VHUYLFHSURYLGHUV7KLVWHQGHQF\PDNHVLWGLI¿FXOW
to draw a line regarding versatility
Core Elements of Electronic Money
The three core elements which are generally
...to fair and timely dispute resolution and redress without undue cost or burden.”
This work was previously published in Cyberlaw for Global E -business: Finance, Payments, and Dispute...
working as Electronic Money have become a
standard function of cellular phones and cellular
phones themselves, which are widely used by the
Japanese, have an Electronic Money... view claims that the
Electronic Money means the electronic data itself
which has monetary value By way of illustration,
the understandings of Electronic Money indicated in