Функциональные Модели Эмиссии И Обращения Электронных Денег В Открыто Циркулирующих Системах

The article is devoted to the modern problems of development of electronic money (e-money) as a new monetary form. In article different theoretical models of the issue of e-money are analyzed. The analysis has revealed the following characteristics of e-money issued in open circulation system: (1) it is issued for making a number of payments among agents; (2) e-money can no requires of «tripolar structure» for payment; (3) it exists within of some payments, before they are not redeemed to issuer; (4) it can circulate between the agents; (5) e-money aren't homogeneous. The features of activity of the issuers of e-money in open circulation systems are researched on the basis of three main models e-money in order to define the nature of this business. As a result of research it is argued that e-money issued in open circulation system can be considered as new form of money rather than new payment service. The issuers of e-money should be considered as the banking intermediators.