Electronic money
Finance, Capital Markets, Enforcement and Compliance
Electronic money is monetary value that is issued in exchange for funds deposited with an institution, stored electronically, used in payment transactions and also accepted as a payment instrument by persons other than the issuer. In Turkish law it is regulated by Law No. 6493; only banks, PTT and electronic money institutions that have obtained a permit from the Central Bank may issue it. The issuing institution issues electronic money equal to the funds it receives; these funds are not regarded as deposits and no interest linked to the holding period is paid.
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