LAW OF THE KYRGYZ REPUBLIC

of April 24, 2021 No. 57

About introduction of amendments to the Law of the Kyrgyz Republic "About payment system of the Kyrgyz Republic"

Accepted by Jogorku Kenesh of the Kyrgyz Republic on March 11, 2021

Article 1.

Bring in the Law of the Kyrgyz Republic "About payment system of the Kyrgyz Republic" (Sheets of Jogorku Kenesh of the Kyrgyz Republic, 2015, No. 1, the Art. 21) the following changes:

1) regarding 1 Article 1 of the word "Bank of Kyrgyzstan" shall be replaced with words "National Bank";

Article 2 to state 2) in the following edition:

"Article 2. The concepts used in this Law

In this Law the following concepts are used:

1) the agent on distribution of electronic money - the legal entity or the individual entrepreneur, resident of the Kyrgyz Republic which makes repayment (exchange) of electronic money for cash or non-cash extends electronic money according to the bank law of the Kyrgyz Republic;

2) the acceptor of electronic money (acceptor) - the legal entity, and also the individual entrepreneur who according to the signed contract with emitting bank of electronic money or the agent accepts electronic money for payment of goods or services with provision of the documents confirming making of transactions with electronic money;

3) clearing settlement - form of currency circulation in case of which cash flow happens without participation of cash, by cash write-off from the bank account of the payer and their transfer for the bank account of the receiver according to the submitted payment documents, and also calculations to use of electronic money according to the bank law of the Kyrgyz Republic. Calculation is payment completion;

4) interstate payment - the payment made in national currency in the territory of the Kyrgyz Republic including with use of bank payment cards of the different payment systems and electronic money issued in the territory of the Kyrgyz Republic;

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