In the European Union, authorized and regulated electronic money institutions can issue e-money which serves as a "digital alternative to cash". The issuance of e-money is governed by the Directive 2009/110/EC "on the taking up, pursuit and prudential supervision of the business of electronic money institutions". The Directive also describes e-money as a "technically neutral ... electronic surrogate for coins and banknotes".
ɪ n ð ə WORD_BOUNDARY j ʊ ɹ ɹ ə p iə n WORD_BOUNDARY j uː n iə n WORD_BOUNDARY ɔ θ ə ɹ ɹ aɪ z d WORD_BOUNDARY æ n d WORD_BOUNDARY ɹ ɛ ɡ j ʊ l eɪ t ɪ d WORD_BOUNDARY ɪ l ɛ k t ɹ ɑ n ɪ k WORD_BOUNDARY m ʌ n i WORD_BOUNDARY ɪ n s t ɪ t uː ʃ ə n z WORD_BOUNDARY k æ n WORD_BOUNDARY ɪ ʃ uː WORD_BOUNDARY iː m ʌ n i WORD_BOUNDARY w ɪ t̠ʃ WORD_BOUNDARY s ɜː v z WORD_BOUNDARY æ z WORD_BOUNDARY ʌ WORD_BOUNDARY d ɪ d̠ʒ ɪ t ə l WORD_BOUNDARY ɔ l t ɜː n ə t ɪ v WORD_BOUNDARY t ə WORD_BOUNDARY k æ ʃ WORD_BOUNDARY ð ɪ WORD_BOUNDARY ɪ ʃ uː ə n s WORD_BOUNDARY ʌ v WORD_BOUNDARY iː m ʌ n i WORD_BOUNDARY ɪ z WORD_BOUNDARY ɡ ʌ v ə ɹ n d WORD_BOUNDARY b aɪ WORD_BOUNDARY ð ə WORD_BOUNDARY d ɪ ɹ ɛ k t ɪ v WORD_BOUNDARY t uː WORD_BOUNDARY θ aʊ z ə n d WORD_BOUNDARY n aɪ n WORD_BOUNDARY s l æ ʃ WORD_BOUNDARY w ʌ n h ʌ n d ɹ ɪ d WORD_BOUNDARY t ɛ n WORD_BOUNDARY s l æ ʃ WORD_BOUNDARY iː s iː WORD_BOUNDARY ɔ n ð ə WORD_BOUNDARY t eɪ k ɪ ŋ WORD_BOUNDARY ʌ p WORD_BOUNDARY p ə ɹ s uː t WORD_BOUNDARY æ n d WORD_BOUNDARY p ɹ uː d ɛ n ʃ ə l WORD_BOUNDARY s uː p ə ɹ v ɪ ʒ ə n WORD_BOUNDARY ʌ v ð ə WORD_BOUNDARY b ɪ z n ə s WORD_BOUNDARY ʌ v WORD_BOUNDARY ɪ l ɛ k t ɹ ɑ n ɪ k WORD_BOUNDARY m ʌ n i WORD_BOUNDARY ɪ n s t ɪ t uː ʃ ə n z WORD_BOUNDARY ð ə WORD_BOUNDARY d ɪ ɹ ɛ k t ɪ v WORD_BOUNDARY ɔ l s oʊ WORD_BOUNDARY d ɪ s k ɹ aɪ b z WORD_BOUNDARY iː m ʌ n i WORD_BOUNDARY æ z WORD_BOUNDARY ʌ WORD_BOUNDARY t ɛ k n ɪ k l i WORD_BOUNDARY n uː t ɹ ə l WORD_BOUNDARY ɪ l ɛ k t ɹ ɑ n ɪ k WORD_BOUNDARY s ɜː ɹ ə ɡ ə t WORD_BOUNDARY f ɔ ɹ WORD_BOUNDARY k ɔɪ n z WORD_BOUNDARY æ n d WORD_BOUNDARY b æ n n oʊ t s WORD_BOUNDARY