Concept of Electronic Payment Document in Turkmenistan

BUSINESS TURKMENISTAN
Concept of Electronic Payment Document in Turkmenistan
An electronic payment document contains all the details necessary for making a payment.

Electronic payment document is a document that meets the requirements of the Law of Turkmenistan “On Electronic Document” and is the basis for transactions on accounts.

An electronic payment document contains all the details necessary for making a payment, and has equal legal force with payment documents on paper that are signed with handwritten signatures of authorized persons and certified with a seal.

Legal basis in the field of electronic payment documents

The legal basis for the circulation of electronic payment documents is the law of Turkmenistan “On Electronic Document”, the Regulation on electronic payments in Turkmenistan approved by the President of Turkmenistan, as well as agreements on electronic payments concluded between participants in electronic payment systems.

The procedure for making international electronic payments and the requirements for electronic payment documents used to make such payments with regard to their formats, procedures for creating electronic digital signatures, authentication procedures and security are established by relevant agreements.

Accounting for electronic payment documents

Accounting for electronic payment documents, as well as operations related to electronic payments, or other actions for processing electronic payment documents are carried out in accordance with the legislation of Turkmenistan and the regulatory legal acts of the Central Bank of Turkmenistan.

Software and hardware certification

Software and hardware used to create, process, store, transmit, receive and protect electronic documents are subject to certification in the manner established by the legislation of Turkmenistan and must have a certificate of compliance with the requirements established in Turkmenistan or a certificate of recognition issued by the Turkmenstandartlary Main State Service.

International cooperation

Users of electronic documents can participate in international cooperation in the field of electronic document circulation, use international information systems and networks in accordance with the legislation of Turkmenistan and international treaties of Turkmenistan.

International treaties

If the international treaties of Turkmenistan establish other rules than those contained in the Law of Turkmenistan “On Electronic Document”, then the norms of international treaties apply.

BT Legal Affairs Department