Rules for issuing electronic money approved in Uzbekistan

Rules for issuing electronic money approved in Uzbekistan

BAKU, Azerbaijan, Jan. 11

By Fakhri Vakilov-Trend:

Uzbekistan’s President Shavkat Mirziyoyev signed the Law "On Payments and Payment Systems", which approves the rules for issuing and circulating electronic money in Uzbekistan, Trend reports citing Uzbekistan’s regulatory portal SOVAZ.

The law will enter into force on February 3, 2020.

The law states that an electronic wallet includes software of an electronic money system, a microprocessor (chip), a software and hardware tool that stores electronic money and provides access to them. Authentication refers to the authentication of a person by verifying the authenticity of the presented identifier (PIN, login, and more).

Exchange operation - an operation to exchange electronic money issued by one issuer for electronic money issued by another issuer and another.

The bank issues electronic money within the limits of money received from an individual or agent in accordance with the rules and the agreement on the issue, use and redemption.

Accounting of electronic money is carried out by the issuing bank in a special settlement account, which is used only for operations on crediting funds when issuing electronic money, and on writing off funds when repaying electronic money.

The balance in this account is equal to the total amount of liabilities for all issued electronic money.

Upon issuing electronic money, the Bank issues to the owner a receipt or other document (receipt) in hard copy or in electronic form, confirming the fact of sale and acquisition by the owner of electronic money.

The procedure and conditions for the purchase and sale of electronic money, as well as the accounting of funds received by the agent from individuals during the sale of electronic money, are specified in the agreement between the issuer and the agent.

In the electronic money system, payments for transactions are carried out by transferring electronic money from the electronic wallet of one owner to the electronic wallet of another owner in accordance with the rules of the electronic money system. Electronic money can be used to purchase goods and services from trade and service enterprises that are customers of the banks participating in the electronic money system.

Electronic wallets of a trade and service company are used only to accept electronic money for goods sold or services rendered for the purpose of further repayment.

Any operation on electronic money must be confirmed, including by check confirming the payment or other document, SMS message, email message to the owner of the electronic wallet.

Electronic money is considered repaid by its issuer from the moment the corresponding amount of money is credited: to the bank account of the owner of electronic money - an individual or the issue of cash to him; to the bank account of the owner of electronic money - an individual entrepreneur or legal entity.

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Follow author on Twitter:@vakilovfaxri

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