The National Agency for Prospective Projects in Uzbekistan Approves Two Banks to Issue Crypto Cards
The National Agency for Prospective Projects (NAPP) in Uzbekistan has granted permission to two private banks, Kapital Bank and Ravnaq Bank, to issue crypto cards. These cards, called UzNEX cards, will be supported by payment giant Mastercard and will integrate a bank account with access to a crypto exchange and automated exchange mechanism.
Key Points:
– NAPP has approved Kapital Bank and Ravnaq Bank to issue crypto cards in Uzbekistan.
– The UzNEX cards will be supported by Mastercard and allow users to access a crypto exchange and automated exchange mechanism.
– The two banks are participants in the Uzbeki national sandbox, along with UZINFOCOM.
– The deadline for customer rollouts of the cards is December 2023.
– Uzbekistan has restricted provision of crypto services to licensed firms since 2023.
Uzbekistan has been cracking down on the crypto industry since October 2021, identifying and restricting illegal crypto exchanges. The government introduced a regulatory framework for cryptocurrencies in early 2022 and established the NAPP to oversee the industry.
Hot Take
The approval of Kapital Bank and Ravnaq Bank to issue crypto cards in Uzbekistan represents a significant step towards the adoption of cryptocurrencies in the country. By integrating a bank account with access to a crypto exchange, these cards provide a convenient and user-friendly way for individuals to engage with digital assets. The support from Mastercard further enhances the credibility and acceptance of cryptocurrencies. With the deadline for customer rollouts set for December 2023, it will be interesting to see the impact of these crypto cards on the financial landscape of Uzbekistan.
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