It is planned to introduce a ban on unidentified electronic wallets from October 1, 2020. Background statement for amendments to the regulation on electronic money says.
The National Bank of the country submitted the document for public discussion. It is noted that the problems of one of the major operators of the payment system and untimely elimination of the failure led to «hanging up» payments and inability to make settlements with agents / customers / counterparties. E-wallet holders not only could not pay their utility, the Internet bills, to other suppliers of goods / services, but also cash out their funds on the wallet account.
To timely repay debts to electronic money holders and reduce risks in case of a similar situation, the National Bank of the Kyrgyz Republic proposes to amend the provision on electronic money.
Amendments stipulate not only a ban on unidentified wallets, but also increased requirements for online synchronization of transactions in the electronic money system.
«In addition, it is necessary to keep records of the number and volume of operations carried out by each agent, and to reconcile at least once a day the balances in the electronic money system, which must correspond to the volume and amount in the bank balance sheet and, accordingly, on the bank account for electronic money accounting. If the bank is unable for any reason to repay the issued electronic money in cash, it will be obliged to do it in any other way without charging additional fees and commissions. These requirements will help to minimize the risks of situations associated with untimely settlements,» the document says.
