Changing the use of electronic money

Electronic money – non-cash payments between sellers and buyers, banks and their customers being made through a computer network and systems that use encryption and automatic processing of information.

The benefits of the electronic  payment  systems are accessibility, mobility, security, ease of use, efficiency.

NBU, that acts as a regulator in fighting against corruption and money laundering, plans to change the rules of electronic money use to more limited ones.

And the first thing the NBU proposes to be introduced is the compulsory identification and verification of electronic money users and the requirement for electronic money transactions – to accompany them with information about both the payer and the recipient of such money.

It is also proposed to determine the order of use of “electronic wallets”.

In addition, the main bank of the country intends to reinforce demands for control of the issuer for the activities of commercial agents.  The National Bank proposes to oblige agents to open a separate account with the issuer to perform agency activities.  At the same time, it is planned to impose a ban on the transfer of powers to other persons under an agency agreement.

– Daria Vasina, attorney at law Dynasty Law & Investment.



Publications 28 January, 2020

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