Monetary Regulation in the UK

The article is devoted to the study of the legal regulation of money circulation in the UK. The author discusses the etymology of official British monetary unit, organized bodies and sources of legal regulation of money circulation in the UK. The article studies in detail such concept as "legal tender", especially the approach of British rule-making bodies to the rules of recognition of banknotes and coins legal tender, depending on the territory of treatment, their type and value. Analysis of the mechanism of legal regulation of alternative money is made: based on the concept of the limited application of the legal tender in the UK legally in circulation there are regional and local currency. In this connection, the author elaborates on the study of emission-related problems, and treatment of banknotes of authorized banks in Scotland and Northern Ireland, local currencies, currency Crown Crown lands. Special attention is given to the study of the rules of use of electronic means of payment: electronic money and digital (virtual, crypto-) currency. The author examines the concept of electronic money in accordance with normative legal acts of the European Union and Britain, types of issuers of electronic money, requirements for organizations to register as issuers of electronic money, as well as other aspects of electronic money in the UK. The article deals with the concept of virtual currency, its relationship with digital currencies, the approach of the financial authority of Great Britain to the risk assessment of virtual currency in the sphere of counteraction to laundering of proceeds received by criminal way and terrorism financing, as well as rules for the taxation of transactions carried out using virtual currency, and nailed, obtained from such operations, indirect and direct taxes in the UK.

currency, United Kingdom, Great Britain, Scotland, Northern Ireland, UK pound sterling, Sterling currency area, legal tender, emission, banknotes, coins, currency, currency, local currency, electronic money, virtual currency, digital currency

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