Uzbekistan has no plans to ease crypto payments ban, says official

The particular Republic of Uzbekistan can never adopt cryptocurrencies like Bitcoin (BTC) as a payment technique, according to a central financial institution official. Behzod Khamraev, mouthpiece chairman of the Central Financial institution of Uzbekistan (CBU), expected that local authorities will never permit residents to use Bitcoin because payment, alleging that BTC is backed by absolutely nothing. In an interview with nearby business publication Spot. uz, Khamraev argued that Bitcoin is widely considered “speculative” and will never become corresponding to fiat currencies like the Usa dollar, the euro, japan yen or the Russian ruble. The official pointed out that there are regarding 28 trillion Uzbekistani soms in circulation, and all of these are backed by the main bank’s assets. “One may also see an inscription concerning the regulator’s obligations on the banknotes, while cryptocurrency is not supported by anything, ” Khamraev added. The official’s remarks came soon after El Salvador became the first country on the planet to adopt Bitcoin as lawful tender alongside the Oughout. S. dollar on September. 7. Uzbekistan officially prohibited its residents from producing payments in cryptocurrencies such as Bitcoin in late 2019 included in an order of the movie director of the National Agency pertaining to Project Management (NAPM) beneath the president of the Republic associated with Uzbekistan. “Crypto assets can not be used as a method of delivering or receiving payments for the territory of the Republic associated with Uzbekistan, ” the purchase said. Related: More nations to follow El Salvador’s Bitcoin move, Cardano creator saysIn April 2021, the NAPM proposed to legalize cryptocurrency trading in Uzbekistan to permit residents to exchange crypto property against national and foreign exchange. The authority previously prohibited its citizens from buying cryptocurrencies in late 2019. The particular CBU and the NAPM failed to immediately respond to Cointelegraph’s request comment.