Electronic Payments and Electronic Money - Some General Remarks on Factual and Legal Developments

Ludwig Gramlich

Abstract

The author analyses parallels as well as differences between cash payments and cashless payments from a general juridical point of view. A closer look at some new developments often called “smart” or “innovative” shows that only central bank money possesses a very special quality. Various projects of e-payments lead to more risks and modify the fair apportionment of risks between debtor and creditor of a monetary obligation. Thus, the effects of electronic payment should only be held equivalent to those of transferring legal tender if the core parties of the transaction agree about this mode of final performance. 

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