NBB expands scope of e-money circulation

<p> MINSK, Nov 4 - PrimePress. The National Bank of Belarus (NBB) has expanded the possibilities for using electronic money in Belarus by making a number of changes to the rules for conducting transactions with e-money, as per NBB resolution No.328 of October 21, 2020 posted on the National Legal Internet Portal on November 4, 2020. </p> <p>   </p> <p> The resolution comes into force in two phases: from January 1, 2021 and after its official publication. </p> <p>   </p> <p> Following the official publication of resolution No.328, the indication of the dates for redeeming electronic money credited to electronic wallets of legal entities and individual entrepreneurs when conducting e-money transactions will no longer be required. The redemption period will be established by contracts between the issuing bank and a legal entity or an individual entrepreneur. This does not apply to the cases when electronic money is issued by a non-resident and is credited to an electronic wallet of a legal entity or an individual entrepreneur. In this case, the redemption period should be indicated. </p> <p>   </p> <p> With a view to reduce the use of foreign exchange in the economy, it will be required to conduct transactions between residents of Belarus in Belarusian rubles only. Also, when conducting electronic money transactions, residents are to use electronic money issued by banks, unless otherwise specified by the rules for conducting transactions with electronic money or applicable legislative acts. </p> <p>   </p> <p> The resolution also specifies the procedure and terms of interaction between the banks that issue electronic money and their agents regarding the circulation of e-money issued by the banks. The range of electronic money transactions that individuals can perform has also been clarified. In order to protect the rights of consumers, the resolution aims to ensure timely and proper notification of e-wallet holders, including in the event of planned interruptions or failures, which may result in infrastructure malfunctions. </p> <p>   </p> <p> The document prohibits e-wallet owners’ liability for third-party actions that resulted in unauthorized transactions with electronic money. </p> <p>   </p> <p> According to the NBB, this will contribute to development of the e-money market in Belarus and expand the scope of the use of e-money by resident issuers, de-dollarization of the national economy, and greater protection of rights and interests of e-wallet holders. End </p>

2020-11-05

Primepress