Regulation

Uzbekistan Plans To Lift The Imposed Cryptocurrency Ban: Report

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Uzbekistan plans to lift the imposed crypto ban according to the National Project Management Agency of the Presidency Of the Republic Of Uzbekistan or NAFT so let’s read more in our latest crypto news today.

Uzbekistan plans to remove some of the restrictions in the country as the government agency proposed to allow local residents to buy digital assets for both domestic and foreign currency inside the republic. According to a local report, one of the main government institutions in the country NAFT intends to lift the crypto ban and enable its citizens to operate with them. According to the coverage, the institution will allow Uzbkes to conduct different types of crypto exchanges involving crypto assets and tokens in exchange for domestic and foreign currency.

However, the government outlined that the process of trading with crypto hides the risks, and every individual deals with them and requires increased attention. Furthermore, the intention was to create a process of registering, issuing, and circulating digital assets by allowing crypto organizations certified in the country to develop their own tokens. The report notified that the proposed changes have two weeks discussion period until May 14th.

Crypto trading in Uzbekistan has been on and off for the past years and at the end of 2019, crypto usage in the country got legalized. By that time, the former Soviet republic was showing major sympathy towards digital assets and provide tax benefits for investors that deal with them. One year later, the president of Uzbekistan changed the stance towards crypto adoption and made it illegal to buy BTC and other digital assets. What’s interesting was that the ban had exceptions as citizens were able to sell them but only if they can prove the cryptos were purchased legally and failing to do so will prove as illicit.

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In January 2020, the Asian country started the first regulated crypto exchange Uznex but the platform is not open for residents in the country yet but if the government reverses the ban, locals could be allowed to take advantage of it.

Also as we reported a while ago,  the government of Uzbekistan tripled tax on electricity for cryptocurrency miners. As the government outlined in an official announcement, crypto miners must pay three times more than the existing electricity tariffs.

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