e-Money

Overview of e-Money

E-money (electronic money) is money typically stored in a user’s account which can be accessed using a card or an electronic device, which include a mobile phone, and can be used to pay for goods and services.

e-Money, having just left the starting line, looks set to become a major player in the stablecoin world and has the potential to fundamentally change the way that we think about digital finance in the future.

E-money business was previously associated with issuers who fell outside the scope of regulation because the pre-paid cards could only be used for a limited purpose, ie in a single retail chain.

E-money is convenient because it doesn’t require the consumer to carry cash and can be used for making purchases and receiving payments any time, 24 hours a day, seven days a week.

e-Money instead acts as a private prepaid account which doesn’t require a traditional bank account to transfer, spend or redeem the fiat currency balance in your wallet.

E-money institutions cannot begin operating until they have received approval – in the form of an e-money licence – from the appropriate financial regulatory authority.

E-money is an online or offline system of debits and credits, which is used for exchanging values, with another system or with itself, as a stand alone system.

e-Money’s currency-backed stablecoins will be inflated by 1% per year, and these additional stablecoins will be used to buy back and burn NGM tokens.

e-Money distinguishes itself with its novel token- an interest bearing stablecoin that can shift in value to accommodate economic pressures.

e-Money partners with Regen Network: A global marketplace & contracting platform for Earth’s ecosystem assets, services, and data.

Blockchain

As an innovative and unique stablecoin blockchain protocol, e-Money aims to create a level playing field, providing equal access to transparent financial services, on a global scale, while greatly reducing cost, something MANTRA DAO wholeheartedly supports!As MANTRA DAO ventures into 2021, we are committed to working with some of the other best projects that the crypto space has to offer.

Mine

In fact, e-Money’s team has already begun working with regulatory agencies in the EU to determine their status and plan their road ahead.Regulatory concerns are also dealt with.They have legal counsels and advisors who are directly working on EU financial regulations.

Network

Currently, there are already over 40 validators working to maintain the security of the platform.The main task of validators is to confirm the authenticity of blockchain transactions involving e-Money, as well as to ensure the integrity and health of the whole network.

Regulation

A decentralized complex peer system validates and processes crypto transactions.But that’s where the similarities end.Cryptocurrencies, as a relatively new technology, are not yet widely regulated.E-money institutions must comply with anti-money laundering, anti-fraud and know-your-customer regulations or face legal consequences.In “classic” electronic money transactions you have a financial institution acting as an intermediary supervising it.In opposition to electronic money, cryptocurrencies are not governed by a centralized authority.

Support

“We are extremely excited to be working together with the MANTRA DAO team.The partnership will help us to meet our goal of improving accessibility in the blockchain space while also connecting e-Money’s asset-backed tokens with the ever-expanding DeFi ecosystem.We are thrilled to have the great team at MANTRA DAO supporting e-Money as partners, investors, and validators, and we look forward to innovating together to grow and improve the cryptosphere.” Martin Dyring-Andersen, e-Money, CEO and Founder

Transactions

In any case, however, e-money transactions, hardware-based as well as software-based, don’t have to involve banks to conduct the payment, as long as it’s a certified e-money institution conducting the service in question.

What are the NGM staking rewards?

The rewards for staking NGM tokens come from two sources: transaction fees and inflation of the NGM token supply.

How can I create an account?

Go to wallet.e-money.com.

Are e-Wallets the Same as Online Bank Accounts?

No, e-Wallets are not the same as traditionally regulated bank accounts.Think of e-Wallet providers as merchants that sit above the traditional banking infrastructure.

How much does a transaction cost?

Transaction costs are typically around EUR 0.05.

Can tokens be exchanged 1:1 with their underlying currency?

As our currency-backed stablecoins are interest-bearing, there is no 1:1 exchange rate between a token and its underlying currency.

So, What Is E-money?

E-money is defined as digital, monetary medium of exchange that is represented on an electronic device.The device in question could be a software (like a banking system, or a payment service provider such as PayPal) or a piece of hardware like a smartphone or a magnetic device such as a prepaid card.In both cases, we call such devices storing e-money electronic wallets (e-wallets).

What tokens are tradable on the DEX?

The decentralised exchange support trading of all currency-backed stablecoins and NGM.

How is money protected in e-money accounts?

As noted above, money held for customers by e-money providers must be segregated in designated accounts that are held separately from the firm’s own funds so that, in the event of the firm failing, the administrator can distribute cash held promptly.

What Is Electronic Money?

Electronic money refers to money that exists in banking computer systems that may be used to facilitate electronic transactions.Electronic money refers to money that exists in banking computer systems that may be used to facilitate electronic transactions.Although its value is backed by fiat currency and may, therefore, be exchanged into a physical, tangible form, electronic money is primarily used for electronic transactions due to the sheer convenience of this methodology.Although its value is backed by fiat currency and may, therefore, be exchanged into a physical, tangible form, electronic money is primarily used for electronic transactions due to the sheer convenience of this methodology.

What is e-money?

E-money (electronic money) is money typically stored in a user’s account which can be accessed using a card or an electronic device, such as a mobile phone, and can be used to pay for goods and services.More commonly referred to as “digital” or “electronic wallets”, it also includes any “magnetically stored monetary value”, such as payment cards and even computer hard drives.

E-money ($NGM): Rethinking stablecoins?

e-Money is aiming to reimagine the stablecoin.Traditional stablecoins are cryptocurrencies designed to maintain a value that is pegged to a particular asset.But this has its drawbacks- for example, sudden market crashes of the underlying asset can result in the stablecoin being unable to keep up and maintain its peg.

Is Libra e-money?

Is Libra e-money or rather a virtual currency? Since Libra is based on blockchain technology, it would stand to reason that Libra is a cryptocurrency.However, the underlying technology is not relevant for the regulatory classification.From a European point of view, there are two possible categories for Libra: e-money (as defined in EMD2) or virtual currency (as defined in AMLD5).Since the legislator has designed the definition of a virtual currency as a catch-all provision and can therefore be applied very widely, it can be assumed that if Libra does not fulfil the e-money criteria, it will be classed as a virtual currency.For this reason, we must first examine the question as to whether Libra would fulfil the criteria for e-money on the basis of the information available in the white paper.So is Libra e-money – yes or no? Obviously, it’s not an easy question to answer.As you’re about to find out, our team of blog authors is divided on the issue.

The Evolution of E-Money: What Is In A Definition?

Electronic money or e-money has been subject to regulation in the EU since April 2002 when the first Electronic Money Directive 2000/46/EC (“EMD1”) established the regulatory framework.However, there have been difficulties ever since in interpreting and applying in practice the definition of e-money.The second Electronic Money Directive 2009/110/EC (“EMD2”) which repealed EMD1 and has applied since April 2011 has addressed some of the difficulties.However, some of the fundamental issues with the e-money definition remain, which have been put into sharper focus in today’s digital economy.For example, according to the Bank of England, 96% of all “money” in the UK is held in electronic form.1 However, not all that money in electronic form is “electronic money” for the purposes of EMD2.

Do you have an EU e-money license?

Obtaining an e-money license was part of our original roadmap, but as the token model matured we discovered that it is currently incompatible with the EU e-money regime, which prohibits applying interest.

Why is this discussion even relevant?

If Libra were e-money, the Libra Association would need to apply for an e-money licence in the EU, for example in Ireland.Facebook has already held an e-money licence there since July 2018 and has gained its first experiences with European e-money regulation.This would enable it to issue e-money in the whole of the EU.It would be subject to the anti-money laundering obligations of the EU member state in which it holds its licence.It would probably not be able to invest the money worldwide, but would have to invest at least the money of EU Libra coin buyers in the EU.The investments would also be subject to supervision.

How can a token be listed on the DEX?

There are no listing requirements to trade a token on the DEX.

Where can I buy the NGM token?

NGM tokens are available on ascendex.com and will soon be made available on the e-Money DEX.

How do you maintain price stability?

The value of our currency-backed stablecoins track those of their underlying currencies, i.e.they won’t suddenly depreciate 5% in value overnight.

How does the e-money stablecoin work:?

e-Money is an innovation from the original concept modeled for collateralized stablecoins.One of its differences, however, is that it can hold interest.This is similar to how savings accounts in traditional banks work, making them a viable alternative store of value compared to other stablecoins that also fluctuate based on the movements of the whole crypto market.

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Where will the currency-backed stablecoins be listed?

Currency-backed stablecoins are tradeable on the e-Money decentralised exchange (DEX).Once IBC is launched, market makers are ready to create markets between the currency-backed stablecoins and ATOMS.

What does e-Money Regulation Look Like Across the Globe?

e-Money offers highly safe, regulated options to consumers, but is regulated in a totally different manner to the banking sector.

What is e-Money?

e-Money is a blockchain-based payment platform that aims to make peer-to-peer payments and money transfers cheaper and more accessible digitally.With e-Money, Block Finance A/S intends to do away with the intermediaries present in most traditional financial services by introducing ‘currency-backed’ stablecoins.

What are the Benefits of E-Money?

In our digital age, e-money has greatly diminished the role of cash – in some countries, it might even replace it entirely, at some point in the future.The cause behind this shift lies in the many beneficial qualities e-money has, for companies, financial institutions and customers alike.

What should be understood under “Electronic money institution” and “Electronic money”?

Article 2(1) of the Directive defines an “electronic money institution” as a legal person that has been granted authorization to issue e-money.Article 2(2) of the Directive, “electronic money” means “ Credit institutions, as well as other financial and non-financial institutions, may issue e-money.

What are the Disadvantages of E-Money?

All benefits aside, electronic money has its own risks and drawbacks other forms of money such as cash do not suffer from as strongly.

What is an E-Money License?

We have mentioned them several times above: E-money licenses.

Which currencies are supported?

The following currencies are currently supported: EUR, CHF, NOK, SEK and DKK.

Why Use e-Money?

Using e-Money is most often the cheaper and more convenient choice when compared to using a bank for smaller transactions and cross border payments.

What is Electronic Money?

Electronic money refers to the currency electronically stored on electronic systems and digital databases, as opposed to physical paper and coin money, and is used to make it easier for users to transact electronically.The value of the electronic currency is backed by fiat currencyFiat MoneyFiat money is a currency that lacks intrinsic value and is established as a legal tender by government regulation.Traditionally, currencies.

Which is the Best Financial Planning Software?

While both applications have compelling benefits and features, eMoney Advisor is a more sophisticated product with its emphasis on cash-flow planning and the ability to model these plans for estate, retirement and education-funding purposes.The software also boasts a superior focus on security, incorporating best-of-breed industry practices and even employing a full-time team of hackers to continually test their security architecture.That’s not to say MoneyGuidePro isn’t a high-performing application, rather, eMoney Advisor is more of a premium product, suitable for advisors with upper-market HNW clientele.

Where can I buy the stablecoins?

e-Money stablecoins can be bought directly through our trading desk.

Who Issues e-Money?

It’s worth noting straight off the bat, that e-Money providers are not bank accounts.They’re instead a unique banking alternative, with separate licenses that still allow them to hold money and facilitate fiat transactions.

What is Fiat Currency (or Fiat Money)?

Fiat money, simply put, is a legal tender, whose value as a currency is established by an issuing government and consequently, is also regulated by it.Fiat money is the exact opposite of commodity money, whose value is based on an underlying assetUnderlying AssetUnderlying asset is an investment term that refers to the real financial asset or security that a financial derivative is based on.Thus, the, such as gold or silver.

Why make the tokens interest-bearing?

An increasing number of central bank interest rates are near-zero or negative.This makes it impossible to maintain 1:1 pegged tokens, as a safely managed reserve (ie.government bonds and bank deposits) would diminish over time.

What is the circulating supply of the NGM token?

The NGM token has an initial supply of 100M tokens.The supply increases with 10% annual inflation that is distributed as staking rewards.

History of e-Money

In 2009, the Commission brought a revised version of this directive into force, now referred to as the EMD2.

In 2018, PT Bank Central Asia Tbk, which is the largest bank by market capitalization, and state-owned banks PT Bank Mandiri (Persero) Tbk and PT Bank Rakyat Indonesia (Persero) Tbk accounted for most of the e-money transactions.

In 2020 alone the aggregate market value of Ethereum-based stablecoins increased by 95.38% to reach $6.25 billion!

In 2020, e-money payment values are likely to have grown in Indonesia, Malaysia and Thailand.