Officials say Uzbekistan has no plans to relax the ban on crypto payments

The Republic of Uzbekistan will never adopt a cryptocurrency like Bitcoin (Bitcoin) As a method of payment, according to a central bank official.

The Deputy Chairman of the Central Bank of Uzbekistan (CBU) Behzod Khamraev predicted that local authorities will never allow residents to use Bitcoin as a means of payment, claiming that BTC has no support.

In an interview with local business publication Spot.uz, Khamraev debate Bitcoin is widely regarded as “speculative” and will never be equivalent to legal tenders such as the U.S. dollar, euro, yen or Russian ruble.

The official pointed out that there are approximately 28 trillion Uzbekistani Soms in circulation, all of which are backed by central bank assets.

Khamraev added: “People can even see inscriptions on the banknotes about the obligations of the regulator, and there is no support for cryptocurrencies.” The official’s comment was that El Salvador became the world’s first Adopt Bitcoin as legal currency It rose with the US dollar on September 7.

Uzbekistan officially banned its residents from using cryptocurrencies such as Bitcoin for payment at the end of 2019. Order Director of the National Project Management Agency (NAPM) under the President of the Republic of Uzbekistan. The order stated: “Crypto assets cannot be used as a method of sending or receiving payments within the territory of the Republic of Uzbekistan.”

related: The creator of Cardano says that more countries will follow El Salvador’s Bitcoin initiative

April 2021, NAPM Proposal to legalize cryptocurrency transactions In Uzbekistan, residents are allowed to exchange domestic and foreign currencies for crypto assets.Before the authorities Ban its citizens from buying cryptocurrency The end of 2019.

CBU and NAPM did not immediately respond to Cointelegraph’s request for comment.