The Council of the Central Bank of Armenia has established changes in the regulation of the issuance and use of electronic money aimed at creating a more efficient and competitive environment:
The changes remove the requirement to have a bank account or payment card to open an account (wallet) for electronic money:
At the same time, it has become possible to replenish and settle electronic money accounts not only in a cashless manner but also in cash:
Under the new approach, customer identification will be carried out in accordance with the established legislative procedures for due diligence, ensuring full compliance with the requirements of the law on combating money laundering and terrorist financing:
The new regulation significantly simplifies the use of electronic money for customers, making it faster and more convenient:
A more competitive and equal playing field is being created for payment organizations:
The aim of the proposed changes is to expand the accessibility of electronic money usage, create equal competitive conditions for financial organizations:
It is expected that as a result of the changes, the prevalence of electronic money usage will increase:
