Cryptocurrency cannot be adopted as a means of payment in Uzbekistan, a high-ranking official from the country’s central bank has recently stated. Speaking to local media, the regulator’s representative also noted that unlike cryptocurrencies, the national fiat is backed by the bank’s assets. The statement comes in spite of Tashkent’s crypto-friendly moves in the past.
Cryptocurrency Cannot Be Accepted for Payments in Uzbekistan, Monetary Authority Says
Cryptocurrencies such as bitcoin cannot be recognized as legal tender in Uzbekistan and that’s unlikely to ever change, a central bank official told Spot this week. Speaking to the local news outlet, the Deputy Chairman of the Central Bank of the Republic of Uzbekistan (CBU) Behzod Hamraev said:
As an economist, I can assume that it [cryptocurrency] will never be equal to world currencies such as the dollar, euro, yen, ruble.
The representative of the monetary authority pointed out that 28 trillion Uzbekistani sum (the nation’s fiat money) are currently in circulation