Electronic money in contemporary monetary law

Monetary Theory and Electronic Money: Reflections on the Kenyan Experience

I n 2007, the leading cell phone company in Kenya, Safaricom Ltd., launched M-PESA, a short message service (SMS)-based money transfer system that allows individuals to deposit, send, and withdraw funds from a virtual account on their cell phones and that is separate from the banking system. M-PESA has grown rapidly, currently reaching more than seven million users, approximately 38 percent of ...

Georg Simmel’s Philosophy of Money: Some Points of Relevance for Contemporary Monetary Scholarship

This paper explores five topics where Georg Simmel’s Philosophy of Money poses challenges for contemporary monetary scholarship. First, any microfoundations for macroeconomics would be erected upon catallactical and not choice-theoretic foundations. Second, money is a tool of thought and not just a veil. Third, Simmel points to a way to make sense of a claim that goes back at least to Richard C...

Divorcing Money from Monetary Policy

onetary policy has traditionally been viewed as the process by which a central bank uses its influence over the supply of money to promote its economic objectives. For example, Milton Friedman (1959, p. 24) defined the tools of monetary policy to be those “powers that enable the [Federal Reserve] System to determine the total amount of money in existence or to alter that amount.” In fact, the v...

Electronic Money Laundering Detection in Transactions of Payment Service Providers

Under the coverage of legitimate commerce, criminals money-launder their illicit incomes through the payment gateways provided by Payment Service Providers (PSP). In order to do money-laundering forensics in transactions of PSP companies, a new method was proposed by Hojati et al which is done through detecting deviations from class behavior based on peer group analysis (PGA) method. Our experi...

Philosophical Issues in Contemporary Law