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Unidentified e-wallets to stop functioning from October 1 in Kyrgyzstan

All unidentified e-wallets will stop functioning in Kyrgyzstan from October 1, 2020. The National Bank of the country reports.

Regulation of the National Bank of the Kyrgyz Republic comes into force from October, according to which the use of unidentified electronic wallets is prohibited. To prevent a «wallet» from being disabled, you need to contact a commercial bank that serves the payment system. In addition, many companies provide the ability for users to authenticate them remotely online.

Recall, a ban on the presence and use of unidentified electronic wallets is introduced to minimize risks in the field of countering terrorist activities and legalization (laundering) of criminal proceeds, as well as to counter the obfuscation of financial flows and the purchase of prohibited goods.

«In addition, as practice has shown, in case of a failure in the automated system of operators of electronic money systems, the return of funds to holders of unidentified electronic wallets will be difficult,» the press service of the National Bank stressed.

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