YEREVAN, October 19. /ARKA/. Armenia’s parliament passed today in the first reading a string of amendments to the Criminal Code criminalizing the creation and management of financial pyramids.

According to Deputy Chairman of the Central Bank Nerses Yeritsyan, development of technology, including information technology, have resulted in the emergence of various illegal financial schemes.

He said financial pyramids also have an adverse impact on the country’s financial sector, as citizens' deposits are being accumulated outside the official banking system. He said they placed abroad, simultaneously discrediting the financial sector.

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