Tashkent, Uzbekistan (UzDaily.com) -- President of Uzbekistan Shavkat Mirziyoyev signed the Law on Payments and Payment Systems, which will enter into force on 3 February 2020.

The other day, the Central Bank introduced a draft order for discussion, which approves the rules for issuing and circulating electronic money in Uzbekistan.

Basic concepts

For example, it is indicated that an electronic wallet is software of an electronic money system, a microprocessor (chip), a software and hardware tool in which electronic money is stored and access is provided 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.

Electronic Money Issue

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 for electronic money is maintained by the issuing bank in a special settlement account, which is used only for crediting funds when issuing electronic money, and for debiting funds when paying 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) on paper 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.

Using electronic money

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 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 by payment or other document, SMS message, email message to the owner of the electronic wallet.

Redemption of electronic money

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.