TrueNorthBit Reports -Is Uzbekistan heading towards a cashless society?

London, UK, 4th Dec 2021, ZEXPRWIRE, It can be said that cryptocurrency is one of the most controversial subjects in this century. TrueNorthBit Broker David Sorkin shared that today, you will find many people who are interested in Cryptocurrencies, whether it is for recruiting, financial transactions or even purchasing properties. Cryptocurrency has become a common term among people who are already familiar with the world of cryptocurrencies. As you well know, cryptocurrency is not regulated by any central authority, so it can be mined or traded relatively anonymously. It can also be used in several ways, for example, to purchase goods or services from online stores that accept cryptocurrency as a means of payment.

In addition to being able to trade anonymously, cryptocurrency also provides users with high liquidity and fast transactions. This is because cryptocurrency does not depend on any centralized authority such as banks electricity. In addition, it has a fast transaction speed.

Today, there are many people who have started investing in cryptocurrency, although, at the moment, it is still very risky because it can not be predicted by anyone. However, in the future, when more people have begun to participate in cryptocurrency in addition to being able to trade anonymously, cryptocurrency provides users with high liquidity and fast transactions. This is because cryptocurrency does not depend on any centralized authority such as banks electricity. In addition, it has a fast transaction speed.

Global acceptance of Cryptos

Many countries all around the globe actively invest in cryptos and form a huge share of the crypto market. These countries include Japan, South Korea and others. Most recently, Russia has also announced plans to create its own national cryptocurrency called CryptoRuble. As of today, there are more than 1300 cryptocurrencies available on the internet. Although most of them are not really used by anyone except for their creators, some cryptos like Bitcoin (BTC) and Ethereum ( ETH ) has made their market value higher than some traditional fiat currencies.

Uzbekistan is one country that has decided to legalize and encourage the use of cryptos in today’s time. The government has opted for a pro-crypto attitude, provided that all the crypto trading will be done through a platform that is working after obtaining a license from the government. Now both locals and international residents can not only buy but also sell and exchange cryptos. It is expected that in the future, Uzbekistan’s economic situation will improve because of its entry into the world of cryptocurrencies. This is because cryptocurrency is a type of electronic money that uses cryptography for the purpose of creating unique proof and verification as well as distribution transactions.

Back in the year 2018, Uzbekistan was one of the first countries to legalize cryptocurrency trading and also use them as a good investment option. However, a year later, gradually, the country reversed its policy due to some socio-political problems. This is due to the fact that Cryptocurrency trading requires more regulation and control so as to ensure that crypto trading is done within legal boundaries. Now this decision has been reversed again after the country has gone ahead in the regulation of cryptos.

Possible reasons for this decision

Mr Sorkin said that after Uzbekistan has decided to legalize the use of cryptocurrencies again, many people are curious about this sudden change in attitude. One possibility is that by legalizing crypto trading again, Uzbekistan could benefit from its growing market value. The country can also make profits from the sales tax that is applicable on each transaction. So, this is one reason that could have led to the decision.

Another reason is that cryptocurrency has a lot of benefits, and it would be wrong not to take advantage of them. For example, since crypto trading can be done anonymously, users can enjoy their privacy while carrying out transactions. This way, they will not have to reveal any personal financial information that can be used by fraudsters and hackers. In addition, cryptocurrency is decentralized, and this means the government will not have to control it as they do for fiat currencies.

In contrast, using fiat currency or cash has many disadvantages, such as being unable to trace the transactions carried out by criminals after obtaining their money from a crime. Fiat currency is also inconvenient to carry and use. Users not only have to spend a lot of money but also waste time when exchanging it for goods and services. Also, fiat currency cannot be used openly everywhere, like crypto coins. This means that some businesses refuse to accept credit card payments or cash after certain transactions.

Mr Sorkin said that now Uzbekistan can be regarded as one of the first countries that have taken a step towards a cashless society. This is a place that has a lot of technology, and in the future, people will not need to carry cash around. However, it’s important to take into account that this does not mean that fiat currencies will disappear in the near future.

Disclaimer: Our content is intended to be used for informational purposes only. It is very important to do your own research before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on this article and wish to rely upon, whether for the purpose of making an investment decision or otherwise.