YEREVAN, December 24. /ARKA/. The IMF plans to assist the Central Bank of Armenia in its efforts to strengthen financial system oversight and modernize the payment system, including introducing regulation of stablecoin transactions in accordance with the recently adopted Law on Cryptoassets.
As Umang Rawat, IMF Resident Representative in Armenia, noted in an interview with ARKA news agency, this assistance is planned within the framework of the IMF’s new program for Armenia.
“Key reforms include legislative changes to support the implementation of risk-based supervision, legislation allowing the Central Bank to intervene early in the event of a problem bank, and the adoption of a new bank resolution law, which will provide the authorities with tools to maintain financial stability,” he said. Furthermore, Rawat noted that the adoption of legislation to modernize the payment infrastructure and the issuance of regulations on stablecoins will enhance the resilience and integrity of payment systems and help protect users.
