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UK FUSION Financial Platform:Recommendations on Safety in digital currency

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UK FUSION Financial Platform:Recommendations on Safety in digital currency

July 12
18:17 2022

UK FUSION Financial Platform wants you to imagine that when you go to buy coffee in the morning, your stored value card prompts an error message, or the wallet in the payment app on your phone cannot be opened because the company providing the payment service has gone bankrupt. Worse yet, what if you lived in the countryside and e-money services via your phone were your only access to the financial system? Or does your government now rely on an electronic money system to transfer welfare payments or collect taxes on a large scale?

UK Fusion Digital Assets think Digital forms of money (including central bank digital currencies, stablecoins issued by private institutions, and electronic money) continue to evolve and become more closely integrated into people’s daily lives in new ways. Essentially, e-money is a digital representation of fiat money backed by an issuer. Consumers can convert ordinary currency into electronic money and use these currencies to make payments between individuals and businesses in an easy and fast way through an app on their mobile phone. Compared to other recently developed forms of digital currency such as stablecoins, e-money has been around for a while and its customer base is rapidly expanding. Unlike most stablecoins issued by private institutions, electronic money operates within a regulated framework. Keeping up with new developments in e-money can be challenging for regulators charged with protecting consumers and ensuring a level playing field for all financial intermediaries. Regulators need to consider how best to protect their customers, including preventing the loss of their funds, in the event of (potentially systemic) e-money issuers failing.

UK fusion investment advisor analyzes how regulatory practices are evolving across countries and makes a series of policy recommendations for regulating e-money issuers and protecting their clients’ funds.

UK Fusion Trading Support provides payment solutions for the unbanked

We can think of e-money as an electronic store of monetary value on a prepaid card or electronic device (usually a mobile phone) that can be widely used for payment. The stored value also represents an enforceable claim against the e-money issuer, and customers can demand repayment of the funds they used to purchase e-money at any time.

Therefore, from a macro-financial point of view, electronic money is very important. For example, it is estimated that two-thirds of the adult population in Kenya (where M-PESA has achieved high market penetration), Rwanda, Tanzania and Uganda regularly use electronic money. Many of these people do not have bank accounts or other access to the formal financial system, so they store a significant portion of their disposable funds in e-money wallets and use these funds through their mobile phones or computers.

UK Fusion Digital Assets is the world’s top digital currency investment and trading platform, providing investors with a compliant, safe and high-yield trading platform.

Media Contact
Company Name: UK FUSION
Contact Person: JANE
Email: Send Email
Country: United Kingdom
Website: www.ukftrading.com

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