Therefore, the ECB considers it essential that the following minimum requirements be fulfilled: •  issuers of electronic money must be subject to prudential supervision;  •  the issuance must be subject to sound and transparent legal arrangements, technical security, protection against criminal abuse and monetary statistics reporting;  •  issuers of electronic money must be legally obliged, at the request of the holders, to redeem electronic money against central bank money at par;  •  the possibility must exist for central banks to impose reserve requirements on all issuers of electronic money.
This could be accomplished through compensatory taxes or, as long as there is fiscal space, an increase in the spending on activities with high social returns, such as education and health. At the same time, some of the implemented policies  12  should aim at minimizing the welfare loss associated with the required reallocation process, for instance, by providing workers with additional training.