Uzbekistan will not adopt crypto for payment purpose

The Central bank of Uzbekistan’s official claimed that they will never decide to go for Bitcoin or other assets to legalise like a currency. 

After 7 September, most of the country’s government and authorities are giving their point of view and opinions for crypto, especially Bitcoin, whether they see it as a currency or just like assets. An Uzbekistan central bank official became the latest to talk on this matter. 

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The deputy chairman of the Central Bank of Uzbekistan, Behzod Khamraev, stated that local authorities of Uzbekistan will never decide to adopt Bitcoin as a legal tender and also they will not allow all their citizens to use it in any kind of payment system. 

In the interview with, Khamraev claimed that Bitcoin and other crypto assets are just speculative elements and they can’t gain stability like fiat currencies dollar, Euros or russian ruble. And also further added that Bitcoin is not backed by anything. 

“One can even see an inscription about the regulator’s obligations on the banknotes, while cryptocurrency is not backed by anything,”

The government of Uzbekistan banned all the citizens of Uzbekistan from using crypto in payment options from 2019. While the citizens of Uzbekistan allow their citizens to trade in crypto, as per order of 2021 law. 

Here one thing is worth to notice, before the Bitcoin law of El Salvador, many organisations and individual people claimed that other countries of the world will think about it. And probably this statement of the Central Bank Official of Uzbekistan is a part of the influence of Bitcoin law in El Salvador. 

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