Residents of Uzbekistan can no Longer buy Cryptocurrencies

Eastern European countries can benefit tremendously from cryptocurrency adoption. Government officials, particularly those in Uzbekistan, see things very differently, however. 

According to Sputnik, things have grown progressively worse for bitcoin ant altcoins in the country.

Uzbekistan Sets the Wrong Example

It now appears consumers are no longer able to buy cryptocurrency in the country.

Instead, they are only allowed to sell bitcoin and altcoins, which is rather interesting.

To engage in this activity, consumers need to be able to verify they obtained those currencies legally.

Any coins or assets acquired “anonymously” cannot be transferred or owned by people living in Uzbekistan.

It is evident that this new “law” will cripple the cryptocurrency ecosystem in this country.

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More specifically, it appears that the government wants to slowly remove all

cryptocurrency from circulation.

Even if a holder wants to sell, there are some hoops to jump through.

None of the holdings can be sold domestically, as users can only sell to foreigners. 

All of these decisions appear to be controversial and backward first and foremost.

Uzbekistan is home to a lot of civil unrest, which could easily threaten the financial ecosystem.

As such, any form of money not officially approved by the government needs to be removed from the nation altogether.

How the residents will respond to these new guidelines, is a different matter altogether. 

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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