Uzbekistan Banks to Launch Virtual Cards for Cryptocurrency Payments

Uzbekistan Banks to Launch Virtual Cards Replenished From Crypto Wallets

The National Agency of Perspective Projects (NAPP) in Uzbekistan has given approval for two domestic banks to issue bank cards for cryptocurrency payments. The banks, Ravnaq Bank and Kapital Bank, will launch virtual bank cards that can be topped up with cryptocurrencies. The project, called “Crypto Card – Uznex,” will allow automated replenishment of the bank card account with cash through the sale of crypto assets located in a crypto wallet opened on a partner’s crypto exchange. The government of Uzbekistan has been regulating the crypto sector, approving regulations for crypto assets and introducing a licensing regime for crypto trading platforms. The new cards, which will be issued using the Mastercard payment system, are set to launch in December.

Key Points:

Uzbekistan’s NAPP has approved Ravnaq Bank and Kapital Bank to issue bank cards for crypto payments.
The project, “Crypto Card – Uznex,” allows automated replenishment of the bank card account with cash through the sale of crypto assets.
The government has regulated the crypto sector and introduced regulations and licensing for crypto trading platforms.
Residents of Uzbekistan will be able to spend crypto with the new cards, which will be issued using the Mastercard payment system.
The launch of the new cards is scheduled for the end of December.

Hot Take:

Uzbekistan’s move to allow the issuance of bank cards for crypto payments shows a progressive approach to cryptocurrency regulation. By integrating crypto into the traditional banking system, the country is creating opportunities for its citizens and businesses to engage with digital assets. This development, coupled with the government’s efforts to regulate the crypto sector, signals Uzbekistan’s determination to embrace the benefits of blockchain technology. As more countries explore the potential of cryptocurrencies, Uzbekistan’s proactive stance positions it as a player in the global crypto landscape.