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- Residents of Uzbekistan should avoid a list of unlawful crypto exchanges released by a government body in the nation. Officials have cautioned that trading platforms gather personal data and are not responsible for bitcoin transactions
- Officials have said that these platforms carry no legal responsibility for cryptocurrency transactions between parties and cannot ensure their authenticity
- A high-ranking central bank official was reported in September this year as declaring that cryptocurrencies like bitcoin will never be accepted as legal money
Residents of Uzbekistan should avoid a list of unlawful crypto exchanges released by a government body in the nation. Officials have cautioned that trading platforms gather personal data and are not responsible for bitcoin transactions. A number of online portals offering crypto trading services without authorization have been detected by the President of Uzbekistan’s National Agency for Project Management. The body noticed a rise in the operations of unofficial digital asset exchanges during an internet monitoring effort.
The organizations behind them provide Uzbek residents with the ability to purchase, sell, and exchange crypto assets without the need for a local office. They are generally registered in other countries, and their servers are situated elsewhere, but they collect personal information from citizens of the Central Asian country, according to a notification posted on the agency’s website.
Officials have said that these platforms carry no legal responsibility for cryptocurrency transactions between parties and cannot ensure their authenticity. Furthermore, they are unable to verify that personal data is properly stored and that confidentiality is maintained. According to the announcement: Webmoneytashkent.com, wmztashkent.com, wm-torg.com, uzwmz.com, blockchainuz.com, and bitcointashkent.com are among the crypto exchange websites that have been blacklisted. Similar services are also available via Telegram bots and groups. Their providers, according to the agency, are frequently entirely anonymous and have the ability to instantly remove a channel.
Citizens are urged to be as cautious as possible, to be wary of such platforms’ services, and to avoid being victims of fraud. Uzbekistan authorized cryptocurrency trading in 2018, however, Tashkent officials essentially barred people from acquiring cryptocurrencies in December 2019, but they were permitted to sell.
A high-ranking central bank official was reported in September this year as declaring that cryptocurrencies like bitcoin will never be accepted as legal money. Behzod Hamraev, deputy chairman of the Central Bank of the Republic of Uzbekistan (CBU), told local media that the national currency, the sum, is guaranteed by the bank’s assets, unlike cryptocurrencies. He also believes that bitcoin would never be able to compete with world currencies like the Ruble, yen, or dollar.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
