The Central Bank of Uzbekistan has stated its position on the cryptocurrency

The Central Bank of the Republic of Uzbekistan joined the camp of opponents of the cryptocurrency. Its official position regarding the digital currency and its turnover within the country was published by the bank on its own website.

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The publication notes that the anonymity of operations with crypto-currencies opens up opportunities for the development of illegal circulation of money and fraud, and also serves to further increase in the shadow economy. In addition, according to the main financial regulator of Uzbekistan, the cryptocurrency is a convenient tool for financing terrorism and the underworld.

The statement also says that crypto-currencies cannot perform all the functions of money. They are not provided with anything, which makes them a “derivative with a rapidly changing value.” In turn, this can cause a significant and dramatic reduction in the cost of crypto-currencies and financial losses among the population.

Also, the development of the digital currency leads to the limitation of the ability of central banks of countries to monitor the circulation of money and “the conduct of free monetary and credit policy.”

The Central Bank of Uzbekistan does not recommend the population to participate in operations with crypto-currencies, as Uzbekistan’s legislation does not provide for payment or other operations using crypto-currencies.

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