Banks Allowed to Issue Crypto Mastercard Cards in Uzbekistan
Uzbekistan’s National Agency of Perspective Projects (NAPP), a regulatory body working under the country’s presidential administration, has permitted two domestic banks to issue bank cards for cryptocurrency payments. In an announcement this week, NAPP said it had approved the participation of Ravnaq Bank in a pilot project to create a virtual bank card that can be topped up with cryptocurrencies. Earlier this month, the agency confirmed that another banking institution, Kapital Bank.
The project provides for the development and implementation of a new bank card product called “Crypto Card – Uznex,” the NAPP said. It will feature “automated replenishment of a bank card account with cash through the accelerated sale of crypto assets located in a crypto wallet opened on a partner’s crypto exchange for settlement operations,” the regulator explained. The government of Uzbekistan has been taking steps to regulate the Central Asian nation’s crypto sector. In late 2022, NAPP, which is subordinated to President Shavkat Mirziyoyev, approved regulations for the issuance and circulation of crypto assets. Starting from Jan. 1, 2023, Uzbekistani citizens and legal entities have been allowed to trade crypto assets.
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