Article 2 Definition of “electronic money”

In article 3(1) of the principal Order (interpretation), after the definition of “deposit” insert—

““electronic money” means monetary value, as represented by a claim on the issuer, which is—

(a)

stored on an electronic device;

(b)

issued on receipt of funds; and

(c)

accepted as a means of payment by persons other than the issuer;”.