YEREVAN, August 11. /ARКА/. The Board of the Central Bank of Armenia has sanctioned changes to the regulations governing the issuance and utilization of electronic money, with the goal of fostering a more efficient and competitive payment landscape.
As reported by the Central Bank’s press service, the revisions remove the previous requirement for a bank account or payment card to establish an electronic money account (e-wallet).
Additionally, users will now have the option to add funds to and withdraw money from e-wallets not only through bank transfers but also in cash.
“This updated approach greatly simplifies the process of using electronic money for consumers, particularly for those without bank accounts or payment cards,” stated the Central Bank.
Customer identification will adhere to current due diligence protocols and comply with laws aimed at preventing money laundering and financing of terrorism.
The Central Bank also emphasizes that these modifications will create a more equitable environment for payment and settlement organizations, enabling them to broaden their service offerings and lessen their reliance on banking infrastructure.
“The aim of these changes is to enhance the accessibility of electronic money, establish a fair competitive landscape for financial institutions, and encourage the development of innovative payment solutions,” the regulator mentioned in a statement.
The Central Bank anticipates that the new regulations will promote the broader adoption of electronic money, boost market competition, and foster a more efficient and inclusive payment ecosystem.-0-
