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Friday, 14 August 2020

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21 September 2012

NBU settled infrastructure for issue and use of electronic money in law

The National Bank of Ukraine (NBU) settled the infrastructure for the issue and use of electronic money in adopted these days law.

The Law on amendments to some Ukrainian laws regarding the functioning of payment systems and the development of cashless payments, which was initiated by the NBU, was registered in parliament on June 21, 2012.

According to an explanatory note for the document, the law aims at providing for the continuous, reliable and effective functioning of payment systems, the mass introduction of cashless payments and the development of the national payment infrastructure, a reduction in the currency expenses of banks via a switch to payment for the services of payment organizations, the use of payment systems in hrynvias and an increase in the quality of services provided to banks and Ukrainian citizens by payment systems.

The document foresees the settling of the following issues: the keeping of a register of payment systems in Ukraine by the central bank, registers of their participants and operators of payment infrastructure services, giving them a right to operate in Ukraine only after their registration at the NBU, giving them the right to set the procedure for routing, clearing and mutual settlement between payment system members for transactions conducted in Ukraine with the use of payment cards issued by resident banks, and the provision for the formation and placement of guarantee deposits by payment system members for transactions conducted in Ukraine using payment cards in the national currency using the NBU’s or Ukrainian banks’ accounts.

The law also gives the right to NBU to set the limits for payments in cash for individuals and companies and for individual businessmen, as well giving the right to the State Tax Services to oversee the observation of the procedure for cash payments for goods and services.