Banks in Uzbekistan to offer gold bar trading through mobile apps

According to the ministry’s press service, the regulation defines how banks – including microfinance institutions – may carry out operations involving precious metals.

In particular, the following transactions are permitted:

– purchase and resale of measured gold bars by clients through the bank’s mobile application;

– sale and repurchase of measured gold bars by banks through their purchase from the Central Bank;

– sale and repurchase of precious metals by banks in electronic (non-physical) form.

The sale and buyback of measured gold bars between a bank and a client are completed by confirming an offer agreement through the bank’s mobile app.

After successful payment, the mobile app displays a secret code for the purchased gold bar.

To collect their measured gold bars from the bank, clients must present an identity document along with the secret code received through the bank’s mobile application.