TASHKENT, Uzbekistan, November 3. The Ministry of Justice of the Republic of Uzbekistan has registered a new regulation, On the Procedure for Banks to Conduct Operations with Precious Metals, Trend reports.
According to the regulation, banks are now authorized to conduct a variety of operations with precious metals. In particular, clients will be able to buy and sell standard gold bars through the bank’s mobile application. Banks will also be able to carry out sales and repurchase transactions of standard gold bars with the Central Bank, as well as conduct transactions in electronic (non-physical) form.
The sale and repurchase of gold bars between the bank and clients will be executed through acceptance of an offer in the mobile application. Upon successful completion of the payment, a unique “secret code” for the purchased bar is generated in the app. To obtain the physical bar, clients are required to present an identification document along with the corresponding “secret code.”
The regulation is aimed at simplifying and digitizing operations with precious metals, enhancing transparency, and ensuring the security of transactions for clients of Uzbekistan’s banking system.
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