site.btaAmendments to Payment Services and Payment Systems Act Get Cabinet Approval in Anticipation of Eurozone Entry

The Council of Ministers approved a bill to amend and supplement the Payment Serviced and Payment Systems Act. The changes are proposed in anticipation of the Bulgarian accession to the euro zone, which the government hopes to see come at the start of 2025.

The bill will allow the legislative framework to be updated and will bring it in line with EU law and will allow oversight of payments systems operators. providers of payments services and e-money issuers. It will alight the supervision practices of the Bulgarian National Bank with the practices in the euro system.

Under the changes, the Real-time INterbank Gross-settlement System (RINGS), operated by the Bulgarian National Bank will be discontinued from the date of the adoption of the euro.