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The increased use of E-money has lead to various studies about the impact this new form of money could have on central banks' ability to control the money supply. Many economists believe that E-money could completely replace currency while others feel that its impact will be less drastic. The ability to control the money supply depends on the definition of money, M1. M1 currently includes currency, traveler's checks and demand deposits. If the use of these variables were to decrease due to an increased reliance on E-money, M1 would not serve as an accurate measure of money in the economy. On a national level , studies have proven that the more connected a country's banks, national assests, financial sector and citizens are to each other and the rest of the world, the more economic prosperity that country enjoys. This research examines how a widespread use of digital money would affect monetary policy. Widespread use of digital money could affect central banks in such areas as monetary policy, banking supervision of the payment system, and the stibility of the financial system. This research also gives information about the history of money and its evolution is included in the research. Also, it involves a display of the main types of E-money Visa, Master Cards and ATM, along with their advantages, disadvantages and problems, in addition to knowing how E-money is applicable in Egypt. Moreover, the paper gives a general overview of the key features and the main policy issues that arise for central banks as a result of the development of E-money. The future of E-money is dependent on its growth, its regulation and the increased technological advancements that would increase the security of this new instrument It will directly impact the central bank’s control of monetary policy unless the central bank includes it in its measurements of monetary aggregates and regulates its growth and usage.
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