A set of amendments to the law on noncash payments and a number of related laws passed today by the parliament of Armenia in the second and final reading require that all transactions worth 300,000 drams ($625) and more made by individuals are to be carried out noncash. The amendments were backed by 66 lawmakers, 28 voted against and 5 abstained.
The revised laws apply to payments for goods, sale and purchase of property, use of goods, execution of work, provision of services, payment of salaries etc.
The 300,000-dram threshold was chosen based on the results of studies and the actual volume of transactions. The transition to non – cash payments is part of a plan to shift to digital economy.
The revised laws will come into force in phases- in 2022 in the capital Yerevan, in 2023 in provincial towns, and in 2024 throughout Armenia.