<p>In a step towards enhancing its cryptocurrency ecosystem, the Republic of Uzbekistan has given the green light to include another private bank in its ongoing national crypto card project. The development was announced through an official<a href="https://napp.uz/en/news/maxsus-rejim-ishtirokchisi-ro-yxatga-olindi" rel="noopener noreferrer nofollow"> press release</a> earlier this week by the National Agency of Perspective Projects (NAPP), the country’s regulatory authority for digital assets.</p><h2 id="header-0">Building upon a crypto framework</h2><p>Under the provisions outlined by the Uzbekistan Ministry of Justice on December 30 of last year, the Special Regulatory Sandbox Regime was established. This unique framework empowers specific entities within Uzbekistan’s crypto sphere to provide specialized services. JSV Ravnaq Bank has now been registered as a member of this regime, enabling its active participation in the pilot phase of the nation’s crypto card project.</p><h2 id="header-1">Virtual bank card</h2><p>This initiative is poised to introduce a virtual bank card named “CRYPTO CARD — UzNEX.” The card’s standout feature is its ability to facilitate automatic fund addition to users’ primary accounts. This is achieved by swiftly converting crypto assets from a digital wallet on a partner crypto exchange platform.</p><p>A vital aspect of the crypto card’s development lies in its compatibility testing with various financial systems, including the widely used Mastercard payment platform. According to NAPP’s statement, the participant bank within the special regulatory regime will be rigorously testing the integration of the automated banking system, crypto-exchange information system, bank processing center, and the MasterCard international payment system.</p><h2 id="header-2">December launch</h2><p>Notably, the addition of Ravnaq Bank marks the second entrant into the project, with Kapital Bank being the first participant approved in May. While Kapital Bank’s testing phase commenced at the end of June 2023, Ravnaq Bank is set to initiate its test launch by the end of October 2023. Both banks are expected to launch the full project by late December, in accordance with NAPP’s timeline.</p><p>Beyond these private banks, the Special Regulatory Sandbox Regime also includes UZINFOCOM, a company authorized to develop NFT certificates based on distributed data registry technology.</p>

Uzbekistan’s New Private Bank Joins National Crypto Card Initiative

Table of Contents

CoinNess Global

Other articles published on Aug 17, 2023

Revolutionizing Ride Sharing: 100 Tokenized Teslas Embrace Web3 to Empower the Masses

Dark Eden M Service Ends

Ron DeSantis Pledges to Prohibit Central Bank Digital Currencies (CBDCs) in Potential Presidentia...

Validation Cloud Platform Integrates Hedera Mainnet and Testnet, Bringing Mirror Node-as-a-Servic...

Don’t Miss Out: Get Ready for International Crypto, Blockchain & Metaverse Expo 2023 (ICBM Expo) ...

Trump Warns US Dollar Losing Dominance Amid BRICS Ascension

Join our free newsletter for daily crypto updates!