Romania will launch new regulations on electronic money

The Romanian financial sector authorities will apply new control and security measures for electronic money transactions. The draft issued by the Ministry of Finance and the Central Bank of the country establishes that those who wish to launch electronic funds will be required to submit the fiscal and legal documents for the corresponding verification.

All projects oriented to this market and those associated with digital banking must be approved by the National Bank of Romania. The issuers must have a careful design and comply with the guidelines regarding responsibility.

The e-money is an issue that worries the Romanian banking and financial authorities. The new measures proposed in the draft state that once the permits are granted, they will be valid for one year. However, in the case the clients do not issue digital money during this period, the permit will be withdrawn and they will be penalized for six months or three years in prison.

For the purposes of transactions, digital currencies have been defined as electronic storage values, with the right of the issuer to cover payments and which are accepted by a third party other than the issuer.

Issuers must have a minimum capital of 350 thousand euros. This is established by the authorities for the new regulations, whose details will be announced in a period of approximately three months.

M.Pino

Source: BitcoinExchangeGuide

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