The European Commission has opened a consultation period on its controversial "e-money" directive
Published:
11 May 2004 y., Tuesday
The European Commission has opened a consultation period on its controversial "e-money" directive. The EC wants businesses to tell it how the directive could be improved to "avoid unnecessary burdens for industry".
Under the directive, providers of e-money will have to provide a way for people to redeem their e-money for real world money. They must also take action to ensure the system is not used for money laundering.
At present, the e-money directive could be applied to the purchase and use of pre-pay mobile phone cards. The definition of electronic money is monetary value stored on a chip card or computer memory which is accepted for payment by someone other than the issuer.
In interpreting this for use at a national level regulators have disagreed as to how the directive should apply in practice. Some countries have, for instance, decided that pre-pay mobile cards are covered by the new rules. Because of the confusion, the Commission decided last year to seek a common interpretation of the law.
That analysis concluded that mobile pre-pay cards do not qualify as e-money if they are used to buy airtime from the company which issued them. But if they are used to buy ringtones, messaging, news, tickets or other products from a third party then they should be considering e-money.
Still awake at the back? Good. Since, even by EU standards, this is an early morning snack for a four-legged pet (dog's breakfast). The Commission has decided to clarify exactly when and where the e-money directive should be applied. It is asking for comments and suggestions from those in the mobile or related industries and from ordinary punters.
Interested parties have until 20 July 2004 to respond to the proposals and more details are available here, where you can download the whole consultation document as well.
Šaltinis:
theregister.co.uk
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
Software company announced new structure_ of it_s business.
more »
Microsoft's Bing search engine will be the sole provider of search and paid search technology for all of Yahoo's websites. Yahoo will sell premium search ads for both companies.
more »
Thales UK today announces that its Cat III Instrument Landing System (ILS)1 has received UK approval for installation at Bournemouth Airport.
more »
Postbank customers can now pay their fuel bills at Shell service stations and withdraw cash as stations in Hamburg, Germany, have been converted to the new technology from Wincor Nixdorf International.
more »
Japanese company Crescent has simulated a series of emergency situations that people may have to deal with in the workplace. By practicing with these simulations they can learn how to cope with a real-life crisis.
more »
The touchscreen device built on Google's Android platform equates to a bold attempt by HTC to take on Apple's popular iPhone - not by creating a copycat - but by building an attractive alternative.
more »
A devious piece of criminal coding that has been quietly at work in a clutch of ATMs at banks in Russia and Ukraine has recently been discovered.
more »
In the person-to-person transfer business, text messaging is so 2008.
more »
Bank Central Asia, one of Indonesia's largest banks, has partnered with Wincor Nixdorf International to rejuvenate its branch network.
more »
What's cooking at Tokyo's International Food Machinery and Technology Expo? For this robo-chef, it's okonomiaki, Japanese pancakes.
more »
Taking attendance at Aoyama University used to be a chore, but no longer as the Japanese school is giving over 500 iPhones to students and faculty in an effort to enhance the classroom experience.
more »