House” Company” Uzbekistan ‘no strategies’ to reverse digital currency payments restriction

The main Asian nation of the Republic of Uzbekistan has no strategies to reverse a restriction on digital payments, in keeping with previous declarations from considerable authorities in the nation.

The Deputy Chairman of the Central Bank of Uzbekistan (CBU), Behzod Khamraev, highlighted BTC in specific, stating regional authorities in the nation will never ever enable payments to be made in BTC.

In an interview with regional press, Khamraev stated BTC might not be formally approved due to the fact that it was “backed by absolutely nothing,” and was simply “speculative”– for that reason might never ever be treated with parity to currencies like the U.S. dollar, the euro, and the Russian ruble.

The senior authorities stated there were presently 28 trillion Uzbekistani soms in blood circulation in the nation, which were totally backed by the reserve bank.

The remarks followed El Salvador embraced BTC as a type of legal tender on September 7, resulting in considerable demonstrations and discontent in the nation because.

Noting the difference in between digital currency and fiat cash, Khamraev indicated the engraving on the nation’s banknotes.

” One can even see an engraving about the regulator’s responsibilities on the banknotes, while cryptocurrency is not backed by anything.”

Authorities in Uzbekistan revealed, “Crypto properties can not be utilized as an approach of sending out or getting payments on the area of the Republic of Uzbekistan,” in an order mandated back in late 2019.

The National Agency for Project Management (NAPM) consequently recommended the nation might wish to legislate digital currency trading in some situations to enable fiat to digital currency deals, though this view has plainly yet to discover traction in the upper levels of the nation’s reserve bank management.

With the most recent commons from the CBU’s deputy guv, it looks as though the Uzbekistani digital currency sector might be waiting on a long time to come.

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