Opening of accounts with foreign electronic transactions services for commercial purposes

The National Bank Council held a regular session and discussed and adopted the Decision on amending the Decision on the manner and the terms under which residents that are not authorized banks may open and hold accounts abroad. The amendments allow citizens and companies to open and hold accounts with all foreign electronic payment transactions services that will provide their services for the residents from our country. They will be able to use these accounts solely for commercial purposes or for purchasing and/or selling goods and services electronically. Whether and when citizens and companies will be able to open an account with a particular electronic service and what services they will be able to use (whether only for payment or also for collection), each of the services decides separately, thus making their business decision on the basis of their own analyses and assessments.

When discussing the Decision, at the session, the Council among other things noted that liberalization in relation to opening and holding user accounts in electronic payment transaction services, can bring more benefits for our economy in the following period. At the same time, the Council emphasized that the adopted Decision is one of the steps of the National Bank for greater promotion and support of electronic trade and effort for using the advantages from financial technologies, i.e. creating conditions for the goods and services offered by our residents, through electronic trade, to be more available on the international market.

In the discussion at the session, the Council also emphasized the possible risks for the residents who will use these services, primarily in terms of the quality and security of services.

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