Uzbekistan registers its first e-money system 

Brio Group registered the first electronic money system in Uzbekistan, the Central Bank reports. 

“In accordance with the requirements of issuing and circulating of electronic money in the territory of Uzbekistan, the payment organization LLC “Brio Group” has started activities as the operator of the electronic money system OSON,” the message reads. 

The private joint-stock commercial bank Turkiston became the issuer of the electronic money system. 

Data on the electronic money system was placed in the Register of the Electronic Money System of the Central Bank on June 16. 

In May, the Central Bank approved the rules for the issuance and circulation of electronic money in the country. According to the requirements, they are issued only in the national currency. 

Electronic money can be used to purchase goods and services from individual entrepreneurs and legal entities within the system. The company has created special electronic wallets, which accept the electronic currency for the goods sold or services rendered, with the aim of further transferring the equivalent amount to the bank’s settlement accounts.