Uzbekistan Bans Citizens from Buying Cryptocurrencies

Uzbekistan Bans Citizens from Buying Cryptocurrencies

The government of Uzbekistan has finally banned citizens from buying cryptocurrencies.

Per a report by local news outlet Novosti Uzbekistana, the National Agency for Project Management has passed an order barring citizens from acquiring cryptocurrency, including the purchase from established crypto exchanges. The report further claimed the order was previously published by the Uzbekistan government and officially went into effect on December 6th, 2019.

According to the report,

Already, many citizens of the republic are experiencing difficulties in transactions with bitcoin and other tokens. In addition, many experts believe that the Uzbek authorities thus impede the country’s technological development.

Traders will be allowed to sell their cryptocurrencies on two licensed platforms within the country.

The Uzbekistan government however has an interest in developing blockchain technologies. Authorities have reiterated that blockchain may be used to increase the transparency of the economy and government.

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