Two Uzbekistani Banks Allowed to Issue Crypto Cards

The Uzbek crypto card will integrate a bank account that provides a mechanism between a crypto exchange and an automated exchange.

Two Uzbekistani Banks Allowed to Issue Crypto Cards

The two Uzbekistani private banks, Kapital Bank and Ravnaq Bank, received approval to participate in the digital sandbox of crypto regulation from the National Agency for Prospective Projects (NAPP). The crypto card they plan to issue will be supported by Mastercard, one of the world’s main payment systems.

According to the NAPP report on August 14, the approval participation for Ravnaq Bank has been confirmed. Moreover, in February 2023, the NAPP verified that Kapital Bank is also one of the participants.

The pilot project will provide for the development and implementation of a bank card called UzNEX, which will automatically replenish the bank card account with cash by the sale of crypto assets from crypto wallets opened by partners on crypto exchanges.

As the participants in the Special Regime, the Kapital Bank and Ravnaq Bank will test the solutions for integrating automated banking systems, crypto exchange information systems, bank processing centers, and MasterCard international payment systems.

The deadline for the final rollout of cryptocurrency cards to customers is currently December 2023 for both banks.

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