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The Central Bank has published a draft law on payments and electronic money in Uzbekistan

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25.12.2018

What is electronic money, who has the right to issue it, how to use it, where they can accept it, and and much more - in the draft law "On payments and payment systems".

The Central Bank has published a draft law "On payments and payment systems" in Uzbekistan.

The document states that its effect applies to banks, individuals and legal entities, individual entrepreneurs who are subjects of the payment services market, and does not apply to operations with cryptocurrencies.

It is said that payment systems are divided into significant and others. The first are those whose uninterrupted work contributes to the stable functioning of the payment services market, and malfunctions can lead to occurrence of risks.

The definition of the basic concepts that are still missing in the country is given. For example, electronic money 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 in the system.

Electronic money issued by electronic money issuers in the territory of Uzbekistan must be denominated only in the national currency of the country.

“The issuance of electronic money is a payment service that provides for the issuance of electronic money by an issuer electronic money to an individual, directly and / or through an operator or agent of the electronic money system by exchange for an amount of money equal in their nominal value, ”the project says.

It also notes that the Central Bank and banks of Uzbekistan have the right to issue electronic money.

The owners of electronic money can be:

  • individuals;
  • electronic money system agents — banks or payment agents;
  • individual entrepreneurs and legal entities that received electronic money from individuals in as payment for civil law transactions.

The Central Bank proposes to make itself the regulator responsible for:

  • licensing of payment system operators; licensing of payment organizations;
  • creating and maintaining a register of payment system operators and a register of payment organizations;
  • approval of the Rules of the payment system;
  • determining the criteria for the importance of payment systems;
  • oversight of payment systems;
  • taking measures and sanctions against payment system operators and payment organizations.

“The issue of electronic money is carried out by the issuer of electronic money after receiving it from individuals or agents of the electronic money system in an amount equal to the nominal value of the obligations assumed, for minus the commission fee for the issuance of electronic money with the provision of confirmation, ”says in the document.

It is noted that electronic money is used by their owner - an individual for payments on civil law transactions, as well as other transactions on conditions.

It is also proposed to limit the circulation of electronic money:

“When paying for goods sold, works and services on the territory of the Republic of Uzbekistan, only electronic money issued on the territory of the Republic of Uzbekistan,” the project says.

Learn more at projectYou can submit your suggestions and comments to it until January 2, 2019.

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