Uzbekistan Government Decides To Ban All Crypto Purchases

According to recent reports, the Uzbekistan government has decided to forbid crypto purchases, even in the case of licensed crypto exchanges. Let’s find out more about this case in the following altcoin news.

Some weeks ago, the National Agency for Project Management as a part of the Uzbekistan government introduced some new regulations. The new regulations declared on the 6^th of December and there are already felt consequences as the new rules pulled back the operability capacities in regard to the purchase of cryptocurrencies for individuals.

It will be illegal for the citizens of Uzbekistan to legally buy cryptocurrencies even in the case of buying them from licensed crypto exchanges from the country. The infamous decision to take a step in the backward direction and restrict the spreading of cryptocurrency usage is a trending topic having many discussions worldwide. The good thing is that the Agency for Project Management of Uzbekistan did not forbid the selling of digital assets, so the investors can sell them off. Investors still have the opportunity to sell their cryptocurrencies on two registered platforms within the country, Forklog, and Sputnik.

According to the known information, it seems that this is the termination of digital assets as a legitimate payment method in Uzbekistan. In the meantime, the exchanges will accept only requests from investors who are from 18 years of age, cumulatively they are verified that they are not suspected of committing illegal deeds. The source of these concerns is that the investors of Uzbekistan could be potentially involved in money laundering or terror financing schemes.

Besides that the country was not a big crypto market, the strict and rapid actions of the government towards cryptocurrencies surprised many cryptocurrencies enthusiasts and pioneers in Uzbekistan. In spite that Uzbekistan was not an excellent environment for cryptocurrencies and blockchain in the present, it was certainly on the way of being one in the future.

Now Uzbekistan looks like it had a change of mind, and decided to prohibit crypto purchases overall. But it seems the government thinks that different foreign investments, projects, and entities could come to Uzbekistan in the upcoming period.

It is not only Uzbekistan that turned it back on cryptocurrencies in recent times. DC Forecast reported that YouTube lately began removing videos from their website related to cryptocurrency without any warning or reason