Uzbekistanis will be able to trade gold bars from their phones
The purchase and resale of precious metals will transition to an electronic format.
In Uzbekistan, citizens are allowed to buy and sell gold bars through mobile applications, the press service of the Ministry of Justice reports.
According to the department, the new regulation defines the procedure for banks, including microfinance banks, to conduct operations with precious metals. In particular:
- purchase and resale of measured gold bars by clients through the bank’s mobile application;
- sale and redemption by banks of measured gold bars by purchasing them from the Central Bank;
- sale and redemption by banks of precious metals in electronic (non-physical) form.
The sale and repurchase of measured gold bars between the bank and the client is carried out by confirming the offer agreement in the bank’s mobile application. After payment, the bank’s mobile application displays the “secret code” of the gold bullion purchased by the client. To receive gold bars from the bank, the client must present their ID and code.
Recall that Uzbekistan sold gold worth almost ten billion dollars. Dragmetal accounts for more than a third of all exports.
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