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Central bank’s official says cryptocurrency cannot be adopted as a means of payment in Uzbekistan.

Central bank's official says cryptocurrency cannot be adopted as a means of payment in Uzbekistan.


Cryptocurrencies such as bitcoin cannot be recognized as legal tender in Uzbekistan, and that’s unlikely to ever change, a central bank official told Spot this week. Speaking to the local news outlet, the Deputy Chairman of the Central Bank of the Republic of Uzbekistan (CBU) Behzod Hamraev said: As an economist, I can assume that it [cryptocurrency] will never be equal to world currencies such as the dollar, euro, yen, ruble.

 

“Cryptocurrency is not backed by anything.”

The representative of the monetary authority pointed out that 28 trillion Uzbekistani Sum are currently in circulation, and they are all backed by the central bank’s assets. “You can even see an inscription of the regulator’s obligations on the banknotes, and cryptocurrency is not backed by anything,” he added. The government of Uzbekistan incorporated a ban on the use of cryptocurrency for payments into its legislation back in 2019. According to current law, the Sum remains the only legal tender in the Central Asian country. 

 

Crypto assets cannot be used on the territory of the Republic of Uzbekistan as a means of payment.

The government of Uzbekistan incorporated a ban on the use of cryptocurrency for payments into its legislation back in 2019. According to current law, the Sum remains the only legal tender in the Central Asian country. A decree issued by the National Agency for Project Management, a regulatory body responsible for the oversight of the digital economy, emphasized, “Crypto-assets cannot be used on the territory of the Republic of Uzbekistan as a means of payment.” At the same time, the decree also introduced regulations governing the licensing and operation of cryptocurrency exchanges. 



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