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Uzbekistan Bans Crypto Purchases

Uzbekistan Bans Crypto Purchases

According to a local media report, Uzbekistan’s government has banned its citizens from buying crypto. The nation’s financial regulator known as the National Project Management Agency is the one that made this decision. According to the media report, Uzbeks are banned from buying crypto even at recognized crypto exchanges in the nation.

Only Two Exchanges Allowed

The new rules allow Uzbeks who own crypto wallets to buy and sell crypto at two crypto exchanges approved by the government. Those taking part in the crypto market must be above the age of 18. To prevent money laundering, citizens have to undergo a rigorous verification process. Only after they receive approval can they start trading in crypto.

A Shock to the Nation

The announcement came as a shock to many since the nation has never been so tough on crypto. In fact, the nation has been supportive of blockchain technology. In previous statements, authorities have claimed that blockchain technology would help to improve the transparency of the economy and that of the government. In July 2018, the nation’s president even issued a decree that integrated the blockchain into the nation’s administrative sector.

Uzbekistan is not the only nation that has taken a negative stance towards crypto. Russia’s central is allegedly planning to ban the use of crypto in the nation’s economy. This is due to fears that crypto could upset the stability of their economy.

Another nation that is fiercely opposed to crypto is India. Currently, the state of crypto in India is in limbo. Authorities have banned banks and their customers from engaging in crypto trade. In fact, it has been reported that banks in India now require new customers to sign an undertaking that they will not engage in crypto trading using their bank account.

Numerous experts in the crypto sector believe that blockchain technology could be bigger than the internet. However, if governments ban their citizens from engaging in the crypto and blockchain sector, they might find themselves locked out of a global market that could be worth billions of dollars in the next few years.

 

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