Electronic Money System and its Importance in Electronic Payment: Comparative Analysis of Bahrain and UK Laws
This research determines the methods of electronic money that are used in Bahrain and UK as well as its importance in being able to create an electronic payment. Laws which regulate the area in Bahrain have been explored and cases of breach of law in relation to electronic money have been identified. The research paper sought to determine whether the area of electronic money in Bahrain has been regulated and in what regard. The regulatory body who maintains oversight over such transactions has been identified as has the main law which would determine whether an electronic payment was lawfully made or not.The research has studied the subject of electronic money and its importance in electronic payments in depth as it relates to Bahrain and UK. The paper has placed a specific focus on the laws, regulations, and governmental bodies, which govern the arena. Boolean searches were run in order to gain a representative selection of up to date information on the subject. We find that the Bahrain has electronic money products on offer, with consistent regulations that are in line with the same crimes in the physical world. There is an obvious willingness to accept new digital money products into the financial services sector, as can be seen by the Sandbox hub allowing at least four crypto currency exchanges to operate at present. This has been identified by the Central Bank of Bahrain to determine what type to allow for crypto currency coming on board. Bahrain’s approach in this regard is markedly different from England, with the main Bank of England on behalf of England’s Central Bank taking the opposite stance on the use of crypto currency as electronic money.