The Uzbek authorities have authorized private banks Ravnaq Bank and Kapital Bank to issue virtual cryptocurrency cards.
This is reported by the National Agency for Advanced Projects (NAPP).
The NAPP approved Ravnaq Bank’s participation in a pilot project to develop a virtual bank card that can be topped up with cryptocurrencies.
Earlier, the agency confirmed that Kapital Bank will also issue its own cryptocurrency.
“The pilot project provides for the development and implementation of a bank card product – a virtual bank card “CRYPTO CARD – UzNEX” with the presence of the functionality of automatic replenishment of the bank card account with funds at the expense of the accelerated sale of crypto-assets, which are in the crypto-wallet, opened on the crypto-exchange partner to carry out settlement transactions,” – reported in the NAPP.
The cards will be issued using the Mastercard payment system. Full launch is scheduled for late December 2023.
In June, Uzbekistan issued its first license for cryptocurrency depository operations.
The license was granted to the company, which is a subsidiary of UAE-based brokerage firm Lockton Solution LLC-FZ.
According to the country’s legislation, cryptocurrency is not a means of payment.
From January 1, 2023, citizens and legal entities can trade cryptoassets, but only through national service providers.