ArmInfo.The Board of the Central Bank of Armenia has amended the regulations governing the issuance and use of electronic money, with the goal of fostering a more efficient and competitive environment.
As noted in the Central Bank's announcement, these amendments eliminate the mandatory requirement for a bank account or payment card to establish an electronic money account (wallet). Furthermore, 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.
Under the new approach, client identification will be carried out in accordance with due diligence procedures established by current legislation, ensuring full compliance with the Law on Combating Money Laundering and Terrorist Financing.
The new regulations significantly simplify the process of using electronic money for clients, making it faster and more convenient, especially for those without bank accounts or payment cards. A more competitive and equitable environment is being created for payment and settlement organizations, allowing them to expand their range of services and reduce their operational dependence on banking infrastructure. The aim of the proposed 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 Central Bank expects that the new regulations will promote the broader adoption of electronic money, boost market competition, and foster a more efficient and inclusive payment ecosystem.
