Tashkent, Uzbekistan (UzDaily.com) – Central Bank of Uzbekistan approved rules for for issuing, selling, acquiring, using and redeeming electronic money.

The document was developed in accordance with the Law on Payments and Payment Systems.

Electronic money is the 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.

The electronic money (ED) system involves the issuer - the Central Bank and commercial banks, the operator - the bank and (or) the payment institution, which has the appropriate license, ensuring the operation of the ED system, agents, ED holders, banks, payment organizations, individual entrepreneurs and (or ) legal entities that have concluded an agreement with the issuer.

Issuing and selling ED by the issuing bank begins with a notification to the Central Bank in the approved form, as well as an established package of documents. The Central Bank within 10 days considers the notification received and makes an entry on the start date of the issue of money in the corresponding Register, which is maintained on the official website of the Central Bank.

EDs are issued within the limits of funds received from an individual or agent in accordance with an agreement on the issue, use and redemption of electronic money. The same agreement defines the conditions for the implementation of ED. Prior to the conclusion of the contract, the issuer or operator must provide the individual with information on the name and location (mailing address) of the issuer and the operator (if it is a payment institution - license number), the conditions for using the ED, the procedure for charging and the amount of commission from the owner of the ED, methods of filing and considering objections .

Electronic money is sold to an individual and an agent by depositing it into an electronic wallet formed for each owner. The fact of purchasing an ED is confirmed by a receipt or other document in paper or electronic form containing the name of the issuer and the operator, the date and time of the transaction, the serial number of the transaction, the amount of electronic money, the identification code of the electronic wallet of the owner of the ED, the amount of the commission charged (if provided for in the contract on the issue, use and redemption of electronic money).

Additional details set by the issuer may also be included.

Electronic money can be used to purchase goods and services from individual entrepreneurs and legal entities - subjects of the ED system. For them, special electronic wallets are formed, to which ED is accepted for the sold goods or the rendered service with the aim of further transferring the equivalent amount to the bank’s settlement accounts. Resale of electronic money on electronic wallets of legal entities and individual entrepreneurs is prohibited.

Any transaction with electronic money is confirmed by check or other document. It is sent by SMS to a mobile phone or to the email address of the owner of the electronic wallet.

Electronic money presented by their owner is repaid by the issuing bank by exchange for “cash” or transfer of non-cash money to the owner’s bank account. After maturity, EDs are removed from circulation.