Armen Ktoyan is a Board Member of the Central Bank of Armenia. His professional interests include financial stability, financial infrastructure, financial education, statistics and economic modelling. He is actively involved in policy discussions and initiatives aimed at fostering innovation and supporting the sound development of Armenia’s financial system.

The Central Bank of Armenia is the country’s central monetary and financial authority. Its core responsibilities include maintaining price and financial stability, regulating and supervising the financial system, overseeing payment and settlement systems, and promoting the sound and sustainable development of Armenia’s financial sector.

Digital money and tokenised finance are changing the environment in which payment and settlement systems operate. The presentation will discuss Armenia’s approach to RTGS modernisation, the main limitations of the current system and the capabilities expected from its next generation. It will look at how the new system can improve availability, efficiency and resilience, and support faster and more reliable payments. The presentation will also consider how CBDCs, stablecoins, tokenised assets and other forms of digital money may affect future decisions on settlement, interoperability and the role of central bank money. The broader question is how to modernise the current framework while keeping enough flexibility to respond to future developments in digital finance.