Topic: Uzbekistan legalizes cryptocurrency transactions (Read 389 times)

This will be an example for other countries that still have not legalized Bitcoin for alternative payment transactions, don't be surprised if the government will tax its users at least Uzbekistan has taken part as one of the countries that supports this modern technology.

One of the good news from the country of Uzbekistan, this is the development of the country to accept virtual currency and I can't wait to see shops and shopping malls using virtual currency for transaction fees. Even though there are still many countries that have not accepted the existence of crypto until now, this is a good step that continues to grow. It also makes for an increase in the economy in the country. I can't wait to see the newest country to legalize crypto.

This is a very great development especially for the crypto community. I believe that it is amazing to see governments of countries adopting and accepting cryptocurrencies. It shows how fast the adoption of crypto is moving even in the mainstream world. The government have finally come to understand how crypto can even help improve the economy of a country.
However, much more than the benefits it gives to the citizens of Uzbekistan, it will also spread the good news of bitcoin and other cryptocurrencies to other countries. I wouldn't be surprised if countries start to adopt cryptos

^ This is also I wanted to know, I am searching through google and I don't know if that is accurate.
However, let us offer the Nigerian people to move here then if this is the case. I am very happy with this news but I also feel bad with our Nigerian friends who suffer from their government’s corrupted mind. Imagine seeing other countries becoming open-handed with Bitcoin yet suffering from your own? I would feel very jealous especially when I earned the cryptocurrencies I have in my possession with hard works, patience, sweat, and tears. This is a very good move by their leaders and I can tell that their nation is in good hands. I just want to celebrate this and soon, we will then fly to the moon together.

Is mining allowed in Uzbekistan? What is the cost of electricity there?

Exactly, what is the sense of prohibiting the people inside in their country not to use or transact in bitcoin or cryptocurrency when the government has nothing to do either to control or to interact with the crypto operation.
They cannot only implemented a legal laws of implementing a legal use in transactions of bitcoin like in groceries or in any business establishments but controlling people to use, invest and trade crypto was so impossible.
The legalization of cryptocurrency transactions in Uzbekistan is a great news indeed. It may not have a big impact in crypto but still it is a good news to consider.

I'm not sure how binding and final this order is, but I think it's good news in any case because it's definitely a step forward after a crypto trading ban. However, what also matters is the legislation that regulates the details of this matter. For instance, are there capital gains or income taxes that crypto traders would have to pay? Are only national exchanges allowed or can people there use places like Binance for trading? The latter is unclear to me because the document to which the order is adding changes is called "The regulation of the way of licensing the activities of crypto exchanges", so perhaps only those exchange that get the national license are allowed.

This can be used as a lesson for a large country that has a high volume in the crypto world, Uzbekistan may only be a few percent in the crypto world. But Uzbekistan is capable of doing good things right now, so I think Uzbekistan is one step ahead of any major country in the world.

I knew it will eventually get to this because when the government realize how much they miss by ban bitcoin and making its uses use pair to pair they will reconsider their decisions because if it is legalized people will use exchange platforms that are linked to bank account and government can make money from charges

This is a positive news. Though Uzbekistan contribution in mining and crypto trade is low but still it is a good sign.
This will inspire other Neighbouring countries to take step in this direction.
I hope they will also allow it as currency so that people can buy and sell products and services directly with BTC.
Trading will create more traders but real demand will go up when byc is used as currency.

As far as I understand, this law is just being discussed. It is not approved. Previously, citizens were only allowed to sell their crypto assets. And for this, there is only one national exchange. The purchase of cryptocurrency is also offered on this exchange, where KYC is present or from other sources, but it also specifies that this will be the full responsibility of the buyer. This is good news for attracting investors to the country, as well as for blockchain development. But if you follow the idea of ​​privacy, not every user will want to buy cryptocurrency only where his data will be known.

Definitely a good decision from the government, as tbh government shouldn't meddle with such trivial thing like people sending money using crypto anyway they got something better to do and as long as the crypto transaction didn't break any law and looks legit it should be ok.
This is the right mindset of government and also giving their citizens a chance to further explore cryptocurrency instead of banning it just because some obscure reasoning. Other countries should definitely follow this step.

The fact is that, although there will still be countries that ban cryptocurrencies, most countries have realized that they cannot be stopped. Trying to ban them would be a futile effort and it would be like the prohibition of the dry law: you don't eliminate the business but you drive it underground, losing the taxes you could collect.

It is good news, no doubt, especially for the locals.

Prohibiting the use of bitcoin by the government is a very useless thing. They will only waste their time because everyone can access bitcoin freely even though the government prohibits access to things related to bitcoin. Unless they cut off the internet connection for every citizen so that every user will never be able to open a trading platform or anything that deals with bitcoin. More than that, since corona virus came and make many people lose their job bitcoin has made by many people for source income be it they using it as trading place or investment place, and this should be another reason to regulate bitcoin.

This is good news for cryptocurrencies in Uzbekistan, people in Uzbekistan can already exchange using cryptocurrencies, this will encourage bitcoin and altcoin to rise in the future.
In my opinion, the government will not be harmed by crypto currency, even with the legalization of cryptocurrency in Uzbekistan it will encourage the economy of the people in that country.

That's sound kinda surprising. But it's good thing for them and all of us. I hope there'll be more countries like this instead of India and their try to ban crypto.

Well, let's just be happy for what they are doing because it is a sign of progress. There might not be a lot of volume there but I think that there is a considerable amount of volume there since it is still a country. I hope that more countries follow what Uzbekistan did.

Hello everybody. Well, of course, this is good news, and Uzbekistan can be congratulated on this, while the governments of large countries are thinking how to "bite off" the cryptocurrency "pie" of their population, to which they do not even have the right, less developed countries simply give their the people the opportunity to move forward.

I see that the contribution of the population of Uzbekistan in the crypto world is not as big as other countries such as China, the US, Korea and others. but this has a positive signal that the government seems to be facilitating this and this makes the people of Uzbekistan into one of the people who can use crypto freely and safely. this is extraordinary for the policy issued by the uzbekistan government

Amending? This seems to mean they already did have crypto laws before then? As far as I know in Asian countries (former Soviet) many of them are quite relaxed on crypto trading and even mining. The exchanges are the problem here for consumers so this seems to say: "at your own risk".

Hope these buyers learn to use Binance at least.

This is good news to the Uzbekistan people of course because it means they can now openly use cryptocurrencies without feeling afraid that the authorities will find out and penalize them. But aside from the citizens of Uzbekistan, this is also good for Bitcoin itself. Not only is the market of Bitcoin widening because of this, it also suggests to the other governments especially those that are still doubting Bitcoin that there is really something in Bitcoin and cryptocurrencies that make them legalized by other governments.

I don’t think the market gives much of a damn about what Uzbekistan does or doesn’t do but this is obviously good news for those living in Uzbekistan. I’m not sure what kind of volume is there from those living in Uzbekistan but good for them I guess.

Good and I hope other countries will see reasons why they should also legalize crypto instead of trying so hard to ban it without success,
This by far better than people indulging in crypto Secretly and getting scammed in the process, there will always be a price to pay when each government of respective countries decide to embrace crypto, but if the benefits outweighs the price then why not.

You mean from local Uzbeks? definitely, and since this news, I think there might be more Uzbeks that are going to be interested to invest on bitcoin and crypto again.

Some governments around the world realised that it might be futile to fight crypto, because sooner or later it will blow up, and you don't want to be left out in the closet when all your neighbours have at least adopt crypto. So this is a good move from Uzbekistan government.

It is definitely a good sign even though there may be hidden agendas from the government of the country. Uzbekistan is a restricted country, not everyone is free to do everything in it. Also, very little news comes out of it. If the government banks start using crypto for their transactions then it will be a great step ahead for the implementation but if the government wants to put a hold on the country's crypto traders then I guess it will be worse for the community than good.

And this is the right decision! After all, it will attract new investors and new cash flows.

Legalizing crypto transactions may also include regulations on paying crypto transaction taxes. I believe that governments find the trading volume of cryptocurrency exchanges large enough for them to make a profit.
If Uzbekistan accepts the widespread use of cryptocurrencies in payment for transactions, that is even better.

Bitcoin or cryptocurrency transactions don't need legally acceptance from governments to be broadcasted on the networks.

The bad things are what will happen after a transaction already was broadcasted and confirmed. Governments can freeze your crypto address if it is on a centralized network and owned by centralized companies as Tether and Tether USD.

They can freeze your bank accounts. Many other things that can be requested by governments.

Fortunately, Bitcoin transactions are borderless, free of government controls and you can get privacy so h For connection and Coin Join transaction

Great news for the crypto community in Uzbekistan and worldwide. If you follow the news from Uzbekistan properly, you will find out Uzbekistan was first very friendly to crypto currency, and then they suddenly banned cryptocurrency purchase and use in general and now this. I sincerely hope it stays the way.

Congratulations to every crypto enthusiast in Uzbekistan.

As far as I can remember, it was own by a Korean based company.


Yeah, definitely this is a good and welcoming news. It seems though that countries in the second and third tier are more friendly to crypto because they know that it's going to be a game changer for them and for their constituents. Win-win situation, so why not adapt and accept it.

The number of investors in Uzbekistan may not be too much, but this development is very important and valuable for the country. This move, which Uzbekistan made when the number of investors was not so developed, is an indication that investors are increasing with confidence, that there is a future of cryptocurrencies in their country and that crypto currencies are now a more reliable investment tool for Uzbekistan.

Uzbekistan legimate cryptocurrencies which a good news for cryptocurrencies supporters and investors in Uzbekistan. They now easily buy service with cryptocurrencies as they wish.

Maybe, this will also pave the way for some cryptocurrency exchanges to set-up a business in this country. If they are open now to any crypto activities, some crypto business owners will be encouraged to do business in their country. It will also give their businesses the option to accept crypto payment method. More than likely, some shops or merchants are now motivated to accept crypto because of their government's move towards crypto. All in all, this will be good for crypto adoption in their country, even as of now, their crypto users are not that in large population.

I think for me that's great news to hear regarding the legalization of cryptocurrency transactions in Uzbekistan. Despite there are only a handful of crypto users out there, but it's a great start at least. Everyone starts from small users and it continuously grow in a gradual way. Better than just nothing at all. Looking forward to their future, especially in adopting and legalizing crypto transactions.

Is Uznex state owned?

That's a good news despite the country itself isn't really that much catering crypto transactions, we might be surprise how big its share in the market in the nearest future.

What's good with this news, the history that they've made after banning trading crypto, they've come to open it. I hope other countries who made the same ban will revert its decision.

Although not from Uzbekistan, I was also happy to hear the news and also felt jealous  . As a developing country, the Government of Uzbekistan is quite courageous and thinks one step ahead to prepare for future challenges.

They probably realized that they were pissing in the wind when they tried to ban crypto trading. Even Governments with very strict financial protocols like the US and UK have found it had to completely ban crypto trading in their jurisdictions as people have resorted to VPNs, P2P and exchanges that don't have strict KYC enforcement.

It's nice to see a country reverse course on banning cryptocurrency. Far from being a symbol of strength, it has tended to be countries with poor economic performance and constant political interference in central bank monetary policies, that end up banning it. Take Russia and Turkey as examples, they try very hard to attack Bitcoin because people are using it as a means to avoid government mismanagement within their own currency. Short term it also allows corrupt politicians to shakedown local exchanges and miners for a payday, while giving them an temporary target to demonize - the trademark of authoritarian governance. Uzbekistan is actually showing themselves as progressive and it may allow new industries to open up in their country, so they should be congratulated.

Congratulations to every crypto-currency users in Uzbekistan, I think this is a news they would want to hear, I hope countries in Asia and Africa and some part of Europe.
But I would want to know that before now, if someone in Uzbekistan has a let's say binance account and traded on binance how would the government on Uzbekistan hold the liable, or is the ban on withdrawal to Uzbekistan banks.

Though there are lesser volume of the uzbek users here yet, that's good news, Let's just not hope that this will not be the same on india's crypto regulation.

Uzbekistan is reconsidering its position on cryptocurrency  trading.
The National Agency for Project Management under the President of Uzbekistan (NAPM) has issued an order amending and supplementing the regulations on how to license cryptocurrency exchange offices. The statement said:
“Residents of the Republic of Uzbekistan have the right to carry out on crypto-exchanges all types of crypto-exchange trades in crypto-assets and tokens for national and foreign currencies. The choice of crypto-assets as an object of acquisition and, accordingly, the consequences of this choice are the risk of the buyer himself."
These changes follow two decrees of President Shavkat Mirziyoyev, one of which was announced in July 2018 with a focus on introducing the necessary measures to develop the digital economy in the country. The second case was implemented in September 2018 focusing on measures to organize cryptocurrency exchange activities in the Republic of Uzbekistan.
To create "favorable conditions" for further development of the cryptocurrency industry, we made changes in the licensing method for the activities of digital currency exchanges.
In December 2019, Uzbekistan banned cryptocurrency trading for its citizens. Then, a year later, the first official exchange office for cryptocurrency transactions in the country called Uznex was launched in 2020.

Source: https://bitcoinexchangeguide.com/uzbekistan-is-legalizing-cryptocurrency-trading/