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2016 | Buch

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Bitcoin and Mobile Payments

Constructing a European Union Framework

herausgegeben von: Gabriella Gimigliano

Verlag: Palgrave Macmillan UK

Buchreihe : Palgrave Studies in Financial Services Technology

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Wirtschaft"

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Über dieses Buch

This book provides a critical analysis of The European Union’s regulatory framework for mobile payments and bitcoin. Chapters discuss the creation of the EU single market for e-payments and combine legal analysis with comparative case studies in their exploration of the regulatory challenges surrounding e-payments. The contributing authors analyse the key economic and legal issues of the development of bitcoin and mobile payments within the EU framework through a comparative lens. They cover topics ranging from user data and funds protection and the stability of the payment system to the competitiveness of the EU market. Providing a comprehensive and methodological guide to the bitcoin and mobile payments in Europe, this book will prove an illuminating and informative read for academics, students and policy makers with an interest in the impact of innovation on payment systems.

Inhaltsverzeichnis

Frontmatter

Institutional Strategies and Economic Background

Frontmatter

1. The Regulatory Machine: An Institutional Approach to Innovative Payments in Europe

Abstract

The authors deal with the evolution of the regulatory approach to innovative payments and describe the roles and actions of the authorities involved. The 2011 Green Paper “Towards an integrated European market for card, internet and mobile payments” sets out the first coherent European policy stance and priorities on e- and m-payments. Various initiatives have since been undertaken by the European Central Bank, the European Banking Authority and the European legislators especially in the field of security of payments, a key factor in enabling a sound growth of the new instruments. The final aim is to reflect on the adequacy of the present institutional architecture (division of powers, international cooperation, etc.) in fostering the development of an integrated, inclusive and competitive market of payment services.

Gino Giambelluca, Paola Masi

2. Economic Issues on M-Payments and Bitcoin

Abstract

Technology innovation and new consumers’ habits are fostering two interesting experiences in the payments’ landscape: the increasing use of mobile payment instruments and the emergence of alternative payment schemes without fiat or banking money, like Bitcoin. This contribution considers both cases as useful drivers for innovation, but at present their positive outcomes are unclear. A synthetic economic analysis highlights costs and benefits for consumers and third-party operators, arguing that mobile payments could improve competition and force banks to rethink their strategies. More controversial issues concern bitcoin: on this topic enthusiastic expectations of financial operators are jointly considered with cautious positions expressed by regulatory and monetary authorities. Recent tendencies in Bitcoin’s informal infrastructure are confirming that an effective decentralized and peer-to-peer payments system is rather hard to build.

Gianni Bonaiuti

The Framework: A European and Comparative Outline

Frontmatter

3. Bit by Bit: Assessing the Legal Nature of Virtual Currencies

Abstract

“Virtual currencies” are a monetary phenomenon not easily defined. They set themselves at the crossroads between money, investment instruments, possibly commodities, and notwithstanding the fact that they are relatively widespread in practice (Bitcoin is the most prominent example), they are still lacking specific regulation in almost all legal systems. This poses a series of problems and risks that have caught the attention of regulators and market operators, some of whom have recently released important studies highlighting the need for ad hoc rules. The paper aims at giving a brief overview of the legal nature of these currencies and the possible rules which may be applied to them pending the approval of specific legislation.

Noah Vardi

4. Mobilizing Payments Within the European Union Framework: A Legal Analysis

Abstract

Gimigliano examines mobile payment services within the European Union framework. In the European Union, policymakers are developing a process of integration to build up a single payment area. This process is based on self-regulation under the umbrella of the European Payment Council and the institutional sources of law, such as Directives and Regulations. Both actions promote interoperability among stakeholder standards, financial stability and fund customer protection. To this end, it is critical to ascertain to what extent Community-based rules and regulations on payment services and electronic money may also be applicable to mobile payments.

Gabriella Gimigliano

5. A Fuzzy Set in the Legal Domain: Bitcoins According to US Legal Formants

Abstract

Reviews and journals are currently revolving the topic of cryptocurrencies, even if, so far, the domain of law has not found the spur to adequately and univocally frame this phenomenon. Nonetheless, the US legal theory is presently debating how to include Bitcoins into pre-existing “regulatory folders”, while the country’s judiciary is dealing with the first cases pertaining to Bitcoins. The reaction of the US legal system to this radical technological innovation demonstrates that the operational rules resulting from the joint action of the legal formants may grant a legal system a first response by relying merely on its own legal tools. In light of this, the present article investigates the reactions to Bitcoin and the potentially suitable regulatory frameworks proposed by US legal theory.

Andrea Borroni

6. M-Payments: How Much Regulation Is Appropriate? Learning from the Global Experience

Abstract

The author offers a roadmap approach to regulating mobile payments (hereinafter “m-payments”) worldwide. This chapter draws the attention to the regulatory restrictions and/or regulatory uncertainty which govern m-payments and which are the most formidable barriers to expanding m-payments to the mass market. It focuses on the pioneering—mostly unregulated—model M-Pesa in Kenya, on one side, and on the US legal and regulatory framework, on the other. The lesson from the global experience so far is that it is too early for regulators to assume that there is an established or “orthodox” method of regulating m-payments. However, the author concludes that—as a roadmap approach to regulating m-payments worldwide—a functional rather than institutional approach is strongly recommended.

Elisabetta Cervone

The Challenges

Frontmatter

7. Security Issues of New Innovative Payments and Their Regulatory Challenges

Abstract

Kasiyanto discusses how the security issues of m-payments and Bitcoin as new forms of innovative payments challenge the existing EU regulatory frameworks, and whether the proposed regulatory frameworks suffice to address such challenges. The regulatory frameworks Kasiyanto discusses mainly focus on the EU Payment Services Directive and the proposed changes of the directive. To some extent, it also touches upon the proposed directive on network and information security. Firstly, security issues of both systems are scrutinized to highlight their vulnerabilities. Secondly, the existing regulatory frameworks are assessed as to whether they suffice to address the challenges brought by the security vulnerabilities of both systems. Lastly, a final assessment is conducted to seek whether the proposed changes to the frameworks are adequate to address such challenges.

Safari Kasiyanto

8. EU Data Protection and Future Payment Services

Abstract

With the second Payment Services Directive, the European Union embraces new payment services by tackling some of the legal challenges they trigger. Personal data protection is one of the most critical of such challenges, and it is itself in a crucial transition period. A General Data Protection Regulation is indeed to replace the current Data Protection Directive, coinciding with a progressive consolidation of the EU right to personal data protection. This contribution explores the current and upcoming regulatory challenges in this field. After introducing the EU legal framework on personal data protection, it reviews the data protection provisions of the updated Payment Services Directive, and discusses them critically. The findings are then explored considering the wider context of mobile payments, as well as “alternative currencies”.

Gloria González Fuster

9. The Classification of Virtual Currencies and Mobile Payments in Terms of the Old and New European Anti-Money Laundering Frameworks

Abstract

Both virtual currencies and mobile payments are rapidly growing, novel developments in the global payments industry. These developments create challenges for regulators when it comes to fitting the new technology into the old legal framework. In some cases, the legal framework has to be amended to cover new technological developments. In this chapter, the European anti-money laundering framework in its older shape (Directive 2005/60/EC) and in its newest incarnation (Directive (EU) 2015/849) is examined. The shortcomings of the directives are to be exposed and possible ways around these shortcomings are explained.

Carolin Kaiser

10. Virtual Currencies, M-Payments and VAT: Ready for the Future?

Abstract

VAT is a critical factor for the success of Bitcoin and other virtual currencies. The EU Court of Justice has recently decided that bitcoins should be treated as regular money, at least for purposes of VAT. The author addresses the implications of this decision and considers which VAT related questions are still left outstanding for Bitcoin. He concludes with some remarks about the VAT aspects of m-payments.

Redmar A. Wolf

11. Mobile Payments and Merger Regulation: A Case Law Analysis

Abstract

D’Alvia offers an updated overview of the main competition issues that currently affect the m-payment ecosystem through a case law analysis of two recent decisions upheld by the European Commission. M-payment solutions are still in their infancy and are the product of fast technological improvements. Hence, the chapter is aiming at the examination of preliminary operative aspects of joint ventures that are created by banks and mobile network operators in order to prevent the occurrence of possible anticompetitive effects of such cooperation in terms of vertical, horizontal and conglomerate merger effects.

Daniele D’Alvia

Conclusions

Frontmatter

12. Mobile Payments and Bitcoin: Concluding Reflections on the Digital Upheaval in Payments

Abstract

Mobile payments and bitcoins represent a leap forward in payments. Acknowledging that they are different, yet recognizing a common “digital” denominator, this concluding chapter outlines their salient features in the broad context of the historical evolution of payment mechanisms operated in the framework of a classical model. Thereunder, a payment order issued to a paymaster initiates the transmission of monetary value from a payer-debtor to a payee-creditor. The chapter points out that the mobile payment introduces complexities and variations reflecting its digital nature. At the same time, fundamentally, its operation is premised on that of the classical model. Conversely, not only that Bitcoin introduced new money-equivalent, it is further premised on a decentralized network within which monetary value moves without the involvement of a paymaster.

Benjamin Geva

Backmatter

Titel: Bitcoin and Mobile Payments
herausgegeben von: Gabriella Gimigliano
Verlag: Palgrave Macmillan UK
Electronic ISBN: 978-1-137-57512-8
Print ISBN: 978-1-137-57511-1
DOI: https://doi.org/10.1057/978-1-137-57512-8