Uzbekistan Bans Purchase Of Cryptocurrencies

The Uzbekistan authorities have placed a ban on the purchase of cryptocurrencies in the country as per the report published by local news outlet on Dec. 25.

This decision was made by the country’s regulatory body, the National Project Management Agency, stating that Uzbekistan citizens are forbidden from purchasing cryptocurrencies even from cryptocurrency exchanges that are officially recognized in the country.

However, this new regulation gave room for citizens who are already holders of cryptocurrency wallets to conduct transactions on just two licensed platforms and they have to be above 18 years to do so.

In a bid to prevent the issue of money laundering, the individuals have to go through several identification processes before they can be able to sell their cryptocurrencies.

This ban on cryptocurrency purchases came as a shock to citizens because the authorities have never been so strongly against digital currencies. In fact, they are quite in support of blockchain…