Azerbaijan develops legal framework to regulate operations with electronic money
Azerbaijan, Baku, June 16 /Trend, N.Ismayilova/
Azerbaijan is developing the legal framework to regulate operations with electronic money, the Central Bank of Azerbaijan (CBA) said Thursday.
"Today the Central Bank is developing a legal framework to regulate operations with electronic money and it is expected to be completed by the end of the year," said the CBA.
According to the EU legislation, electronic money can be anonymous, if the account balance does not exceed 150 euros, otherwise they should be personalized. It is expected that in Azerbaijan, this would amount to about 150 manat.
Electronic money is most often used in the implementation of mass payments for a small fee, for example, for payments of the transportation, utilities, various fines, the calculations on the Internet. The process of making payments with electronic money is carried out quickly, there are no queues,.
Official rate on June 16 is 0.7879 AZN/USD