Mastercard Crypto Cards in Uzbekistan: Pilot Project Launching December 2023

Mastercard crypto cards: how does the new project in Uzbekistan work?

The National Agency for Prospective Projects (NAPP) of Uzbekistan has authorized Ravnaq Bank and Kapital Bank to issue Mastercard circuit crypto cards.
Users can spend their cryptocurrencies through these cards, which are linked to crypto-wallets on an exchange for instant conversion to fiat currency.
The new “Crypto Cards – Uznex” will allow automated replenishment of a bank card account with cash through the sale of crypto assets.
The pilot project for Mastercard crypto cards in Uzbekistan is scheduled to launch in late December 2023.

Mastercard crypto card: Uzbekistan is a new entry

Aussie Fintech Stables previously announced its virtual stablecoin card in Asia Pacific, in partnership with Mastercard and Circle.
This virtual card enables users to spend their stablecoin balance easily and securely using the Mastercard circuit.
The Mastercard Wirex is a multi-currency contactless card that allows spending in fiat currency and cryptocurrency, converting crypto into local currency at points of sale.
In Brazil, Binance launched its Mastercard crypto card in February 2023, enabling users to spend from their crypto accounts.

The CBDC Partner Program

Mastercard established the CBDC Partner Program to collaborate with key Central Bank Digital Currency industry players.
Ripple, Consensys, Fluency, Idemi, Consult Hyperion, Geisecke+Devrient, and Fireblocks are among the first partners.
The program aims to assist central banks in developing their own Central Bank Digital Currencies.

Hot Take: The pilot project for Mastercard crypto cards in Uzbekistan is an exciting development that allows users to easily spend their cryptocurrencies. With the rise of virtual stablecoin cards and the expansion of crypto cards in different countries, it is clear that the adoption of cryptocurrencies for everyday transactions is gaining momentum. Mastercard’s involvement in the CBDC Partner Program also shows their commitment to supporting the development of Central Bank Digital Currencies worldwide.