In a significant move aimed at promoting a modern and efficient financial system, the President of the Republic of Tajikistan, in Decree № 586 dated June 22, 2023, has introduced measures to expand cashless payments throughout the country. The decree, effective from August 1, 2023, outlines a series of steps that will not only boost the digital economy but also streamline financial transactions for both individuals and businesses.
One of the primary provisions of the decree mandates the transition to cashless payments for taxes, state duties, fines, mandatory state insurance funds, medical services, utilities, and various other public services. Additionally, ministries, departments, state organizations, and credit financial institutions are prohibited from accepting cash payments for their services.
To ensure a smooth transition, the National Bank of Tajikistan, ministries, departments, state organizations, and credit financial institutions are directed to establish the necessary infrastructure for accepting cashless payments by the deadline of August 1, 2023. This move will pave the way for the integration of non-cash payment systems across the nation, making it more convenient for citizens to access essential services.
Moreover, in a bid to promote the adoption of cashless services, the government plans to introduce a unified tariff system for cashless payments, simplifying the process for individuals and businesses alike. The President’s decree also emphasizes the importance of information security in non-cash transactions, urging relevant authorities to collaborate with the Communication Service under the Government of Tajikistan to bolster the safety of electronic payments.
To ensure seamless access to cashless services, the Communications Service under the Government of Tajikistan, ministries, departments, and state organizations will work in coordination with telecommunication network operators to ensure uninterrupted internet connectivity and required speeds. This proactive step will guarantee that electronic means of payment remain functional at all times, facilitating smooth and efficient transactions.
The move towards an expanded cashless payment system is expected to bring numerous benefits to the Tajik economy. Firstly, it will reduce the reliance on cash, leading to increased transparency and accountability in financial transactions. Cashless payments leave an electronic trail, making it easier to track and monitor financial flows, thereby reducing the risk of corruption and tax evasion.
Secondly, the transition to cashless payments will promote financial inclusion, particularly among the unbanked population. By encouraging the use of electronic means of payment, more people will have access to formal financial services, which can help them save, invest, and build a better future for themselves and their families.
Furthermore, the increased adoption of digital payments will foster economic growth and efficiency. Cashless transactions are faster and more convenient, allowing businesses to process payments quickly and operate more efficiently. Additionally, reducing the reliance on physical cash will lead to cost savings for businesses and the government alike, as cash handling and management expenses will be minimized.
It is evident that the President’s decree on expanding cashless payments reflects the government’s commitment to modernizing the financial landscape and stimulating economic growth in Tajikistan. The move is expected to be met with enthusiasm from citizens and businesses alike, as it ushers in a new era of convenience, transparency, and financial inclusion for the nation. As the deadline approaches, it is crucial for all stakeholders to work collaboratively to ensure a seamless and successful transition towards a cashless society.
