Legislative Decree No. 7/2018 approved the new legal regime applicable to the regulation, management and functioning of the Cape Verdean payments system.

The new statute sets forth rules on the following subjects:

1. The powers, competence and role of the Bank of Cape Verde;
2. Those involved in the payments system;
3. The guiding principles of the new system of payments;
4. The definitive nature of the settlement of pecuniary obligations generated in the country;
5. The impact of the insolvency of those involved in operations concerning compensation, settlement and constitution of guarantees;
6. The introduction of electronic payment instruments and electronic evidence; and
7. The sanctions framework.

This statute will come into force on 28 December 2018.

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