Monetary and Banking Research Institute
Date:2/8/2020 9:21:26 AM   |   Code : 334674   |   View: 159

Determining the Decision Makers of New Technologies in the New Banking Plan

The lawmaker has specified the decision-makers in the new banking plan rather than setting e-banking standards, a banking law expert said.

According to the Public Relations of the Monetary and Banking Research Institute, Yasser Moradi told a news reporter at the 9th Annual Conference on Electronic Banking and Payment Systems about the status of new banking technologies in the new banking law. Our previous laws and regulations, including monetary and banking law and Islamic banking law, did not mention the status of modern businesses and digital technologies, because when these laws were adopted, these technologies did not exist, and the supervisory body, the Central Bank, was trying to determine some of these rules by issuing directives and guidelines.

He added: "The new banking plan has come to this issue and has been mentioned in a number of cases, including Article 8, which lists the duties and authorities of the Central Bank's board, which stipulates in paragraph 25 that the formulation of strategies and the approval of the rules governing modern financial technologies in the field of payment instruments and cryptocurrencies, as well as overseeing their proper implementation, will all be the duties and authority of the Central Bank.

The banking law expert further referred to Article 14 of the scheme, saying: "This article lists the responsibilities of the Central Bank's supervisory deputy and gives full authority to bring lawsuits against persons who provide banking services and payment instruments without authorization."

The university professor stated that Article 8 and Article 14 supplements each other: One is a Supreme Banking Board that formulates the strategies and general rules of modern financial technologies and the other is the Central Bank's supervisory authority that will have full authority to file a lawsuit against those who provide such banking services without authorization.

Moradi went on to refer to the Monetary and Currency Policy Council of the country and said: "In Article 19 onwards, powers are reserved for this council, one of the most important of which is the decision-making authority over payment instruments."

The banking law expert pointed to the fourth pillar of the plan on new payment instruments, saying: "From Article 189 onwards, a new entity that has never existed and is the first to be defined by law, is formed namely the "New Banking Technologies Council". "It is foreseen and stipulated that the activity of modern banking technology service providers will be subject to the principal agreement of the New Banking Technology Council as well as the consent of the Central Bank."

Moradi continued: It seems that the legislature has designated an entity like the New Banking Technologies Council and has extended its powers under Article 191, rather than entering the field of sophisticated banking regulations. This council with the authority that has will be specialized to convene meetings and determine the rules and regulations governing companies providing modern banking technology services.

In other words, the legislator has designated the supervisory body rather than the regulator, and we should wait to see if the New Banking Technology Council approves or determines which rules and regulations for the continued operation of modern banking services companies Determines.

The law has been silent to date on new banking technology services and has not defined new rules and regulations, but specifying the policy and supervisory body in the new law is a step forward, the banking law expert said.

Note that the 9th Annual E-Banking and Payment Systems Conference will be held at the Milad Tower Conference Hall on March 1st and 2nd this year.

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