Electronic Money Legal and Jurisprudence Position

In the world of business, banking has faced major changes in line with the Industrial Revolution and advances in information technology. These developments have brought about profound changes in the power and influence of various sectors. The most important sign of this development was that banks provided customers the facility to buy and sell through the global information network. Banks have also introduced electronic payment instruments which have created many conveniences for customers. Electronic money is a tool which runs international businesses. Across the world businesspersons are keen to utilize the fastest and easiest ways, so each and every one needs to know the legal and jurisprudence position of electronic money, because electronic money has taken the place of cash, and deals are done through them. The aim of this study is to know the legal and jurisprudence position of electronic money, and let people know the usage and legal way of using electronic money, as business are being wider and international market has been changed from physical to electronic market, there for business men and women need to know the legal and jurisprudence position of electronic money. Finally, electronic money differs with cash, cash is touchable while electronic money isn’t, so electronic money is the replacement of cash, so electronic money has the same obligations of alms and interest.