Uzbekistan has no plans to ease crypto payments ban. Bitcoin and other cryptocurrencies cannot be a means of payment in Uzbekistan. And it is unlikely that this will ever change, said Behzod Khamraev, deputy chairman of the local Central Bank. Spot wrote about this.
“Now there are about 28 trillion Uzbekistani soms in circulation”. In this case, the assets of the Central Bank ensure the security of all of them. “You can even see the inscription on the obligations of the regulator on the banknotes,” he said.
Khamraev pointed out that cryptocurrencies are unsafe. The deputy chairman also noted his assumption that cryptocurrency will never become equal with world currencies, such as the US dollar, the euro, the Japanese yen or the Russian ruble. “This is considered speculative,” he added.
Ban on the purchase of cryptocurrency
In 2019, Uzbekistan officially banned its residents from making payments in cryptocurrencies. In addition, residents can’t use them as a means of payment on the territory of the country.
According to the document, citizens of Uzbekistan can only conclude transactions on the sale of crypto assets on crypto exchanges.
The law obliges cryptocurrency exchanges to allow only identified participants. Thus, they must be 18 years old, and they should not be on the list of suspects in money laundering and terrorist financing for the purpose of trade. Moreover, the legislators based the rules on international FATF standards when developing the rules.
Proposal from NAPM
In 2021, the National Agency for Project Management (NAPM) under the President of Uzbekistan proposed to allow residents of the country to purchase cryptocurrencies on the exchange.
The draft document submitted for discussion proposes to provide citizens with the opportunity to carry out “all types of crypto-exchange trading in crypto assets and tokens for national and foreign currency” on exchanges. “The choice of crypto assets as an object of acquisition and, accordingly, the consequences of this choice are the risk of the buyer himself,” the document says.
However, this feature has not yet been implemented.