Electronic money

[Mark Lomas]

On 2 December 2014 at 20:43, Francis Davey <fjmd1a at gmail.com> wrote:

> ... [re legal tender]
>
I'm inclined to favour something along the lines of Modern Monetary Theory
> which suggests that the large tax liabilities owed to the UK government
> which are payable in Stirling are more important than any mere convention.
> But, as I said, this isn't really the place to argue it.
> ...
>

Funnily enough only coins are legal tender in Stirling [true but :-) ]. No
banknote is legal tender in Scotland.

*Sterling *banknotes, £5, £10, £20, and £50, are legal tender in England
and Wales, but not Scotland or Northern Ireland.

The term Legal Tender is more historic than practical. The Royal Mint gives
the following example: a £5 Crown is legal tender, meaning that it will be
accepted by a court in settlement of a debt, but banks are not obliged to
accept them.

I think that Francis was correct to suggest that many of the schemes he
asked about aren't 'electronic money' in the sense defined in the
Directive. They more closely resemble what bankers call a 'coupon'.

Mark
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