The E-Money Standard Token aims to enable the issuance of regulated electronic money on blockchain networks, and its practical usage in real financial applications.
Financial institutions work today with electronic systems which hold account balances in databases on core banking systems. In order for an institution to be allowed to maintain records of client balances segregated and available for clients, such institution must be regulated under a known legal framework and must possess a license to do so. Maintaining a license under regulatory supervision entails ensuring compliance (i.e. performing KYC on all clients and ensuring good AML practices before allowing transactions) and demonstrating technical and operational solvency through periodic audits, so clients depositing funds with the institution can rest assured that their money is safe.
There has been no activity on this issue for two months. It will be closed in a week if no further activity occurs. If you would like to move this EIP forward, please respond to any outstanding feedback or add a comment indicating that you have addressed all required feedback and are ready for a review.