Azerbaijan prepares initial conditions for issuance of e-money

Baku. 16 November. REPORT.AZ/ The law on ‘Payment services and payment systems in Azerbaijan’ will include regulation on e-money, Board member of Financial Markets Supervisory Authority (FIMSA), Director of Law and Execution Department Afghan Bakhishov said at the 3rd International Banking Forum.

"One of the most significant innovations is that issues on e-money will be regulated by Azerbaijan’s legislation. The document says that the e-money will be issued by e-money organizations, local branches of international and foreign banks, national postal operator, local branches of foreign e-money organizations," he said.

According to FIMSA official, currency of the e-money is initially planned to be manat: "Thereafter, other currencies may be considered. Issuance of e-money will be limited."