Legal and financial aspects of Perfect Money, online currency system

The term “electronic money” is often inaccurately used regarding to a wide range of payment instruments, which are based on innovative technical solutions in the implementation of retail payments.

By the notion of “electronic money” one erroneously sees traditional bank cards, or special discount card of different firms, companies etc. The main reason for such erroneous judgments is the absence of an exact definition of “e-money”, which can explain its economic and legal nature, as well as the lack of clear measures for identification of kinds of currency to “electronic money”.

In fact, electronic can be called only those money that are used in such systems, as Perfect Money. Only here the notion of “electronic money” acquires its full and true meaning.

In general sense the term “electronic money” is “the monetary value, measured in currency units, stored in electronic form on an electronic device which belongs to a consumer. This electronic value can be acquired and stored on a consumer’s device; thus it is decreasing as the consumer uses it in order to make purchases”. There are two different types of electronic devices: a card with advance payment and software products with pre-payment. Indeed the last kind is the realization of Perfect Money. As to software products, the electronic value stored on the hard drive of a PC and transferred through the telecommunication network, like Internet.

In our view to the systems of “electronic money” one should include systems which would implement a transfer technology of information about monetary liabilities of an issuer from one device to another in electronic form, thus we speaking about such payment system, which exists separately from banking system. This is the main essence of Perfect Money.

From a legal point of view, the money transfer in Perfect Money Company is unlimited liabilities of the company to a user, who has invested his/her funds into the system. Electronic money usage by the company is possible due to concession the right to use the money and creates liabilities of the system for monetary payments of “electronic money”. Calculation of liabilities is made in electronic form on a special device. As its physical form, electronic currency in Perfect Money is consists of information in electronic form which belongs to an owner and stored in a special device, usually on the hard drive of a PC, and which can be transmitted from one device to another using telecommunication lines and other electronic means of transmitting information.

In economic meaning, Perfect Money’s currency is represented as a payment instrument, which has several features, depending on implementation of the scheme, of traditional cash or traditional payment instruments (bank cards, checks, etc.): it is similar with cash in ability of calculation without bank system; with traditional payment instruments the similarity is a possibility of a non-cash payments through the accounts.

If we talk about copyright, it may be noted that all the information posted on the official website of the send money online is protected by copyright. Any copying, borrowing and imitation of information from perfectmoney.com site is forbidden. The rights to the logo and corporate style of Perfect Money is officially registered and fully owned by Perfect Money Finance Corp.

To everything what we have said one can make two conclusions. First is that from legal point of view Perfect Money is the electronic system in the full sense of the word and the second is that all rights to the brand, style and technology owned by Perfect Money Finance Corp.