During 2022, the authorities of Uzbekistan enacted a series of laws regulating the cryptocurrency market. The country’s National Agency for Project Management also established procedures for the issuance and circulation of digital assets.
This week, two banks in Uzbekistan – Ravnaq Bank and Kapital Bank – obtained permission to issue cryptocurrency cards.
Ravnaq Bank’s pilot project involves the development of a virtual bank card that can be topped up with digital assets from an account on the UzNEX cryptocurrency exchange through automatic conversion to fiat.
The card will be supported by the Mastercard payment system.
Kapital Bank will also release a similar product.
The full launch of cryptocurrency cards from both banks for end customers is planned for the end of December 2023.