Azerbaijan to issue digital money

Azerbaijan will allow issuance of digital money, according to the bill "On Payment services and payment systems" discussed in the Milli Majlis (Parliament) Committee on Economic Policy, Industries and Enterprising Committee, Report informs.

According to the document, the following may issue e-money:

- banks and local branches of foreign banks;

- national operator of postal communication;

- electronic money institution (EMI).

The issuer immediately issues digital money in the amount of money received to issue e-money and enables its use by the owner of the digital money.

The currency unit, and the maximum amount of the issued e-money, and the maximum volume of issuer's liabilities for it are determined by the normative acts of the Central Bank of Azerbaijan (CBA).