Business And Markets

E-Wallet Rules Finalized

E-Wallet Rules Finalized
E-Wallet Rules Finalized

Rules for electronic wallets received the go-ahead from the Council for Islamic Jurisprudence in the Central Bank of Iran–aka the Fiqh Council. 
As per a press release posted on the CBI website, the rules were discussed by the CBI Governor Abdolnasser Hemmati and other members of the council to ensure the plan is in compliance with Islamic principles. 
The Money and Credit Council, the top monetary decision-making body, in September unveiled a regulatory framework for fintechs dealing with electronic wallets to help facilitate micropayments. 
A digital wallet (e-wallet) is a software-based system that securely stores users' payment information and passwords for numerous payment methods and websites.
As per CBI rues, using electronic wallets should not lead to money creation or expand money supply and uphold CBI technical requirements. 
Users are allowed to increase or reduce funds in the wallets, make payments, ask for refunds or transfer funds to other e-wallets. Individuals can own a maximum of three e-wallets.
The CBI stressed that banks and credit institutions are responsible for monitoring customer funds. "They need to closely supervise the operation of e-wallet companies." Moreover, banks need to keep the e-wallet balance in an escrow account and exercise caution about unusual activities of  e-wallet owners. 

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