2 minute read
The Board of the Central Bank of the Republic of Armenia has adopted a decision introducing changes to the regulatory framework governing the issuance and use of electronic money, with the aim of fostering a more efficient and competitive market environment.
The Central Bank said in a press release that, under the amendments, the mandatory requirement to have a bank account or payment card in order to open an electronic money account (wallet) has been removed.
At the same time, electronic money accounts can now be funded and redeemed not only through non-cash methods but also in cash.
The Central Bank said that, under the new approach, customer identification will be carried out in accordance with the customer due diligence procedures established by applicable legislation, while ensuring full compliance with the requirements of the Law on Combating Money Laundering and Terrorist Financing.
According to the Central Bank, the new regulations significantly simplify the use of electronic money for customers, making it faster and more convenient, particularly for individuals who do not use bank accounts or payment cards.
“For payment and settlement organizations, the changes create a more competitive and level playing field. They will be able to expand the range of services they offer and reduce their operational dependence on banking infrastructure,” the Central Bank said.
The proposed changes are aimed at:
expanding access to electronic money;
creating equal competitive conditions for financial organizations;
promoting the development of innovative payment solutions.
The changes are expected to increase the adoption of electronic money, enhance competition in the market, and contribute to the creation of a more efficient and inclusive payment environment.