Armenia is now one step closer to implementing a cash ban for online gaming, with the National Assembly’s Finance Committee clearing the way for the proposed changes to the rules governing online gambling transactions.
New Rules Put an End to Online Gambling Cash Transactions
Under the new rules, Armenian customers will be prohibited from making cash payments related to online gambling, as betting accounts may only be replenished through card services offered by banks licensed in the country. The card must belong to the player. Additionally, any winnings can only be paid out through the same method.
The measure, proposed by MPs Gevorg Papoyan and Tsovinar Vardanyan who are both members of the ruling Civil Contract Party, was initially approved by the Assembly in May 2022 by 67 votes. It is aimed at limiting the ability of players to make “easy bets”, preventing gambling addiction, and protecting vulnerable citizens.
Cash Ban Approved by NA Finance Committee, Central Bank
After obtaining approval from the Assembly, the cash ban stipulations were then reviewed by the Finance Committee, with consultations also conducted between the government, betting operators, and the Central Bank.
In a recent announcement, the Assembly confirmed that the discussions had positive results, with the relevant parties giving their go-ahead to the revised legislative initiative. The Central Bank also issued a recommendation for the adoption of the new rules.
