The National Bank of Tajikistan explained its position on cryptocurrency

The National Bank of Tajikistan for the first time voiced its official position on the use of crypto-currency in the country.

“Drawing on the experience of financial institutions, the National Bank warns citizens about the risks associated with the use of cryptocurrency,” reads the written response of the national regulator, which was received by Radio Ozodi on January 15.

In the National Bank of Tajikistan believe that due to the anonymity of many transactions, cryptocurrencies, including bitcoins, can be used, among other things, for conducting doubtful operations. “Cryptocurrency can be exposed to cyber attacks or used for money laundering and terrorist financing. Proceeding from the fact that transactions between owners of cryptocurrencies take place without the participation of financial institutions, criminal operations are possible, for example, the sale of narcotic drugs and psychotropic substances using virtual money. ”

In Tajikistan, cryptocurrency is not officially a means of exchange and saving, as well as a unit of account. In the country, all financial transactions are carried out only by the national currency – Somoni. The National Bank of the Republic of Tajikistan warns that it is not liable for possible risks and losses associated with the use of virtual currencies in settlement transactions.

Cryptocurrency can be exposed to cyber attacks or used for money laundering and terrorist financing.
Virtual money Bitcoin (Bitcoin) is the first cryptocurrency, electronic means that was created by an unknown programmer (or a group of programmers) under the pseudonym of Satoshi Nakamoto. It happened in 2009. The term “Bitcoin” and specificity (Bitcoin’s algorithm of work) was invented by him. According to experts, Bitcoin’s cryptocurrency has the basic functions and properties of ordinary money of different countries – it is a means of exchange and saving, as well as a unit of account. Nevertheless, Bitcoin remains a cryptocurrency.

Cryptocurrency and Bitcoin Wikipedia describes as follows: Cryptocurrency is one of the types of digital currency. Its emission and accounting are based on different cryptographic methods. And the functioning is decentralized, in a distributed computer network.

Supporters of the cryptocurrency believe that, in particular, Bitcoin can be used to buy goods and services on the Internet anonymously. In addition, making international payments is easy and cheap, because Bitcoin is not tied to a specific country.

It is reported that the first million Bitcoins was produced by Satoshi Nakamoto himself and, according to many experts, still belongs to him, and to date, by the way, this amount is $ 4,000,000,000.

Many curious users and journalists try to find these Nakamoto wallets to get on the trail of their creator. However, the mysterious Satoshi is silent and remains calm.

Interestingly, Thailand was the first country in the world to officially prohibit the use of Bitcoin. Local authorities with great skepticism reacted to the use of the cryptocurrency because it can not be imposed by any state tax. However, after a while this ban was lifted.

READ ALSO: Top 10 Bitcoin Facts

Last autumn, the US Federal Reserve System (FRS) announced that it was thinking of creating its own cryptocurrency due to Bitcoin’s growing popularity and the need to control the money supply. “It’s still too early to talk about the release of digital currencies, but that’s what we’re thinking about right now,” the newspaper quotes The Wall Street Journal of the President of the Federal Reserve Bank of New York, William Dudley.

Responding to the Federal Reserve for banking regulation, Randal Quairls noted that many legal and technological issues need to be resolved before the creation of the cryptocurrency. According to him, the Central Bank’s cryptocurrency can be subjected to cyber attacks and either used for money laundering and terrorist financing. It can also prevent banks from issuing loans or discourage private sector attempts to create more efficient payment systems.

Share this:
All content on this website is based on individual experience and journalistic research. It does not constitute financial advice. Cryptomartez is not liable for how tips are used, nor for content and services on external websites. Common sense should never be neglected!. We sometimes use affiliate links