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Home Cryptocurrency Uzbekistan Warns Citizens To Avoid Unlicensed Cryptocurrency Exchanges – Exchanges Bitcoin News

Uzbekistan Warns Citizens To Avoid Unlicensed Cryptocurrency Exchanges – Exchanges Bitcoin News

Uzbekistan Warns Citizens To Avoid Unlicensed Cryptocurrency Exchanges – Exchanges Bitcoin News


A authorities company in Uzbekistan has revealed a listing of unauthorized crypto exchanges that residents of the nation have been suggested to keep away from. The buying and selling platforms acquire private knowledge and bear no duty for the cryptocurrency transactions, officers have warned.

Authorities in Uzbekistan Blacklist ‘Unofficial’ Crypto Exchanges

The Nationwide Company of Mission Administration beneath the President of Uzbekistan has recognized a lot of on-line platforms providing crypto buying and selling companies with out authorization. Throughout a monitoring marketing campaign on the web, the physique registered a rise in actions of such “unofficial” digital asset exchanges.

The entities behind them provide Uzbekistani residents the choice to purchase, promote or commerce crypto belongings with out having an workplace within the nation. They’re often registered in different jurisdictions and their servers are situated overseas, however on the similar time they acquire private data from residents of the Central Asian republic, the company mentioned in a notice revealed on its web site.

Uzbekistan Warns Citizens to Avoid Unlicensed Cryptocurrency Exchanges

Half a dozen crypto change web sites concentrating on residents of Uzbekistan have been blacklisted: webmoneytashkent.com, wmztashkent.com, wm-torg.com, uzwmz.com, blockchainuz.com, and bitcointashkent.com. Comparable companies are provided by way of Telegram bots and teams as nicely. Their suppliers, the regulator famous, typically stay utterly nameless and might rapidly delete a channel.

Officers have confused that these sorts of platforms don’t bear any obligation for crypto transactions between varied events and can’t assure their legitimacy. Moreover, they can’t guarantee the right storage of non-public knowledge or preservation of confidentiality. The announcement states:

The Company urges residents to be as vigilant as attainable, beware and never use companies of such platforms, together with in order to not turn out to be victims of fraud.

Uzbekistan legalized crypto buying and selling in 2018 however then in December 2019 authorities in Tashkent successfully banned residents from buying cryptocurrencies although they have been allowed to promote. The Nationwide Company of Mission Administration has now reminded the general public that in accordance with the presidential decree “On measures to develop the digital financial system within the Republic of Uzbekistan” and the nation’s regulation “On licensing and notification procedures,” the institution of cryptocurrency exchanges is topic to licensing.

The federal government has tried to encourage sure crypto actions. In January 2020, Tashkent unveiled a plan to arrange a nationwide mining pool and the initiative was introduced as a precedence. The state additionally mentioned it’s going to determine a licensed cryptocurrency change the place miners will have the ability to promote their cash and promised to create a blockchain valley in addition to introduce crypto tax exemptions. Uznex, a regulated buying and selling platform operated by the South Korean entity Kobea Group, was launched later that month.

Nevertheless, in September this 12 months, a high-ranking central financial institution official was quoted as saying that cryptocurrencies comparable to bitcoin won’t ever be acknowledged as authorized tender. Chatting with native media, deputy chairman of the Central Financial institution of the Republic of Uzbekistan (CBU) Behzod Hamraev identified that not like cryptocurrencies, the nationwide fiat, the sum, is backed by the financial institution’s belongings. He additionally expressed his opinion that bitcoin won’t ever be equal to “world currencies” such because the greenback, euro, yen, and ruble.

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