11:40 - 22.06.2023

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June 22, Fineko/abc.az. The issue of electronic money will be permitted in Azerbaijan.

ABC.AZ reports that this is reflected in the Bill on Payment Services & Payment Systems, discussed in the Milli Majlis Committee on Economic Policy, Industry & Entrepreneurship.

According to the document, the following subjects can be engaged in issue of electronic money:

- banks and local branches of foreign banks;

- national postal operator;

- organizations operating in the field of electronic money.

The issuer immediately issues electronic money in the amount of funds accepted for the purposes of issuing electronic money, which allows them to be used by the owner of electronic money.

The currency, the maximum amount and the maximum amount of the issuer's obligations to issue electronic money are determined by the regulations of the Central Bank of Azerbaijan (CBA).