Subject The article describes the nature of e-money at the present stage of its existence in the context of its development chronology and functions performed. Objectives The study aims to determine the ability of electronic money to perform certain functions, and to specify the electronic money concept based on the obtained results. Methods The paper draws upon the formal logic, the systems approach, and the chronological approach to enhance the description of the e-money through its evolution. Results We review the functions of money, present a detailed analysis of electronic money in the context of the money functions it implements, describe major stages of electronic money development and functions it performs at each stage. The paper offers our own unique position in solving the controversial issue about the implication of electronic money as an evolving economic definition. Conclusions To a limited extent, e-money performs such basic functions of money as a measure of value, medium of exchange, sore of value (value conservation), and successfully functions within the half-closed electronic payment system (EPS) as a prepaid financial product. Meanwhile, it is not a medium of payment or the world money. Electronic money is neither generally recognized nor secured by the State guarantee. It can be regarded as full-bodied money and act as a new legitimate form of money neither at present nor over time.
Gar'kusha M.S. Novye funktsii deneg v virtual'noi ekonomike [New functions of money in the virtual economy]. Izvestiya rossiiskogo gosudarstvennogo pedagogicheskogo universiteta im A.I. Gertsena = IZVESTIA: Herzen University Journal of Humanities and Sciences, 2009, no. 119, pp. 96–101.
Smith A. Issledovanie o prirode i prichinakh bogatstva narodov [An Inquiry into the Nature and Causes of the Wealth of Nations]. Moscow, EKSMO Publ., 2007, 960 p.
McConnell C.R., Brue S.L., Flynn S. Ekonomiks: printsipy, problemy i politika [Economics: Principles, Problems, and Policies]. Moscow, INFRA-M Publ., 1999, 974 p.
Ludwig von Mises. Chelovecheskaya deyatel'nost': traktat po ekonomicheskoi teorii [Human Action: A Treatise on Economics]. Chelyabinsk, Sotsium Publ., 2005, 878 p.
Marx K., Engels F. Sochineniya. Vol. 13 [Writings. Vol. 13]. Moscow, Politizdat Publ., 1959, 771 p.
Harris L. Denezhnaya teoriya [Monetary Theory]. Moscow, Progress Publ., 1990, 750 p.
Makarenko O.V. Funktsii deneg v nastoyashchee vremya i vozmozhnosti razvitiya finansovoi sistemy [Functions of money at the present moment and possibilities to develop the financial system]. Strategii biznesa = Business Strategies, 2014, no. 2, pp. 123–131.
Krasavina L.N. Problemy deneg v ekonomicheskoi nauke [Problems of money in economics]. Den'gi i kredit = Money and Credit, 2001, no. 10, pp. 3–6.
Kondrashov G.D., Burikova N.N. Istoriya vozniknoveniya i razvitiya deneg, ikh rol' i funktsii v sovremennykh usloviyakh [Genesis and evolution of money, its role and functions in modern conditions]. Uchenye zapiski Rossiiskogo gosudarstvennogo sotsial'nogo universiteta = RSSU Proceedings, 2010, no. 9, pp. 126–135.
Chelnokov V.A. K voprosu o sushchnosti, funktsiyakh i roli sovremennykh deneg [On the nature, functions and role of modern money]. Den'gi i kredit = Money and Credit, 2010, no. 5, pp. 68–70.
Kazakevich V. Problemy mezhdunarodnykh deneg pri kapitalizme [Problems of international money under capitalism]. Moscow, Nauka Publ., 1987, 260 p.
Kosoi A.M. Sovremennye den'gi [Modern money]. Den'gi i kredit = Money and Credit, 2002, no. 6, pp. 42–52.
Dolan E.G., Campbell C.D., Campbell R.G. Den'gi, bankovskoe delo i denezhno-kreditnaya politika [Money, Banking, and Monetary Policy]. Bishkek, Turan Publ., 1996, 448 p.
Rozenberg D.I. Kommentarii k “Kapitalu” K. Marksa [Comments on Das Kapital by K. Marx]. Moscow, Ekonomika Publ., 1984, 720 p.
Friedman M., Horrox A., McCredie G. Esli by den'gi zagovorili... [Money Talks: Five Views of Britain's Economy]. Moscow, Delo Publ., 1998, 160 p.
Isaev M.E. Funktsii elektronnykh deneg [Functions of electronic money]. Izvestiya vysshikh uchebnykh zavedenii. Seriya: Ekonomika, finansy i upravlenie proizvodstvom = University Proceedings. Series: Economics, Finance and Production Management, 2011, no. 4, pp. 13–16.
Lazarev Yu.N., Kubasova I.V. Elektronnye formy deneg i virtual'noe moshennichestvo [Electronic forms of money and virtual fraud]. Vestnik Samarskogo gosudarstvennogo tekhnicheskogo universiteta. Ser.: Tekhnicheskie nauki = Vestnik of Samara State Technical University. Technical Sciences Series, 2006, no. 40, pp. 82–89.
Tarchuk A.V., Golembiovskii D.Yu. Perspektivy rasprostraneniya beznalichnykh raschetov roznichnykh platezhei [Prospects for distribution of noncash settlement of retail payments]. Den'gi i kredit = Money and Credit, 2011, no. 7, pp. 24–32.
Yurov A.V. Puti razvitiya nalichnogo denezhnogo obrashcheniya v Rossiiskoi Federatsii [Ways of cash circulation development in the Russian Federation]. Den'gi i kredit = Money and Credit, 2008, no. 7, pp. 3–10.
