Uzbekistan's commercial banks have been allowed to sell gold to the public and business entities via mobile applications. This regulation was approved by the Central Bank chairman on November 3 and registered with the Ministry of Justice.
It regulates operations related to precious metals, including their purchase and sale in electronic form without physical delivery. Digital gold accounts are maintained in special metal accounts.
These accounts are intended to show only the mass of the metals in grams, and the serial numbers of gold bars are not recorded, which eliminates the need for physical storage. Banks have the right to independently set the gold price, and prices may change throughout the day.
Additionally, the value of the gold in metal accounts is re-evaluated daily based on the quotations of the London Bullion Market Association (LBMA). For operations, the client must be identified in the app.
It is also possible to purchase measured physical gold bars through the app. Once payment is made, the client receives a secret code to collect the bar from the bank branch.
There is also a custodial storage service, which allows clients to sell the bar back to the bank remotely. According to the Central Bank, this innovation creates additional investment opportunities for citizens and businesses, and ensures safe and fully remote access to the precious metals market.
For your information: The Muruntau deposit, located in the Kyzylkum desert, is considered one of the world's largest open-pit gold mines within Uzbekistan's territory.
