Uzbek citizens may soon be able to freely buy and sell cryptocurrencies on exchanges. The National Agency for Project Management (NAPU) has drawn up a bill that proposes lifting the ban on the procurement of cryptocurrencies on exchanges by individuals.
According to current legislation, citizens are limited to selling crypto; buying it is forbidden on pain of criminal liability.
NAPU representatives said the restriction was there in part because of the lack of financial literacy of the population in crypto. “Not everyone understands what a cryptocurrency is, how to mine, sell or buy it, and that creates risks,” one representative said.
In January 2020, Uzbekistan inaugurated the first crypto exchange in Central Asia.
Related Articles
Uzbekistan sticks with 14% policy rate
The Central Bank of Uzbekistan (CBU) on October 24 kept its key policy rate at 14% per annum, citing easing inflation but ongoing risks. The ... more
Iran's central bank authorised to settle IRR762 trillion IMF debt
Iran's Central Bank has been authorised to settle IRR762.305 trillion ($708mn) in debt arising from the Islamic Republic's commitments to the International Monetary Fund, First Vice President ... more
Russia’s central bank cuts key rate by 100bp to 17% in cautious move, defies calls for deeper easing
The board of the Central Bank of Russia (CBR) at the policy meeting of September 12 resolved to cut the key interest rate by 100 basis points from 18% to 17%, according to the regulator’s press ... more