Uzbek Central Bank submits bill on electronic payments

Baku, Azerbaijan, February 21

By Fakhri Vakilov - Trend:

Uzbek Central Bank has agreed on a draft law “On payments and payment systems” with relevant ministries and departments and submitted it for consideration to the Cabinet of Ministers, Trend reports via Uzbek media.

If approved by the government, the bill will be submitted to the country's parliament.

The document noted that the law will apply to banks, individuals and legal entities, individual entrepreneurs, who are subjects of the payment services market, except for operations with cryptocurrencies.

The bill states that payment systems are divided into "significant" and other. The first ones are those whose uninterrupted work contributes to the stable functioning of the payment services market, and malfunctions can lead to risks.

The definition of basic concepts, that are still absent in the country, is also given. For instance, electronic money is unconditional and irrevocable monetary obligations of the issuer of electronic money, stored in electronic form and accepted as a means of payment in the electronic money system by other participants of the system.

The document states that electronic money is only allowed to be issued by the Central Bank and commercial banks of the country, and should be nominated exclusively in the national currency of the country.

The document also clarifies that electronic money can be used by an individual for payments under civil law transactions, as well as other transactions, but when paying for goods, work and services sold in Uzbekistan, only electronic money issued in the country can be accepted.

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Follow author on Twitter:@vakilovfaxri

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