From Project-Syndicate By JOSÉ ANTONIO OCAMPO and KEVIN P. GALLAGHER October 6, 2014 NEW YORK – As...
Instruction No. 01/2006/SP on the Issuance and Settlements of Electronic
(enacted in 2006)
Instruction No. 01/2006/SP on the Issuance and Settlements of Electronic Money (Instruction No. 01/2006/SP Relative à l’Émission de Monnaie Électronique et aux Établissements de Monnaie Électronique), issued by the Central Bank of West African States (BCEAO), covers the following topics:
- general provisions related to electronic currency;
- purpose of the instruction;
- promotion of electronic payments;
- terms and conditions of repayment;
- implementation of automated system to monitor unusual transactions; and
- use of electronic money systems by financial institutions and decentralized financial systems.
DISCLAIMER: Due to an official English translation was unavailable for this instruction, information for this summary has been taken from secondary sources and unofficial translations and not from review of the actual legal text.