Within the framework of the Financial and Digital Technologies Week, representatives of the Financial Market Supervisory Authority of Azerbaijan (FIMSA) and the Central Bank of Russia met to discuss opportunities of introducing electronic money in Azerbaijan, Azernews portal reported.
The meeting focused on innovative payment solutions and application of electronic money in the country, stressing the need for further mutual cooperation.
At the meeting, Alla Bakina, Director of the National Payment System Department of the Russian Central Bank, described regulations of electronic payments in Russia, respective reforms, money transfers between the countries, as well as efforts to improve financial literacy.
FIMSA representatives, in turn, informed of the measures taken to accelerate the digital transformation in national banking.
Electronic money is a virtual currency for all kinds of online payments, it is not a generally accepted means of payment and only exists within a certain payment system. Electronic money can be denominated in different currencies and exchanged for fiat money and vice versa. The functions of electronic money do not actually differ from ordinary banknotes or coins. Electronic money in a modern market economy is a widely used payment instrument.