Uzbekistan: Penalty for Notcoin Trading
Date: 2024-06-10 Author: Oliver Abernathy Categories: IN WORLD
An incident recently occurred in Uzbekistan that caused public unrest and attracted media attention. A student from Termez State University was arrested for 10 days for trading in Notcoin cryptocurrency.
Prohibition on Cryptocurrency Transactions
Since the beginning of 2024, Uzbekistan has had a law prohibiting the illegal acquisition, sale and exchange of crypto assets. This rule is intended to regulate cryptocurrency transactions in the country and prevent illegal activities in this area.
A student named I.N. became a figure in a court case when a complaint was received at the capital’s police department about his activities. During the investigation, it turned out that he was engaged in trading the Notcoin cryptocurrency, using his smartphone and bank card.
Conviction and Punishment
At the trial, the student admitted his guilt in violating the law. He stated that he actually purchased NOT tokens for activity in the Telegram messenger and subsequently sold them for a monetary reward. However, he claimed that he was not aware that his actions were illegal.
The court decided to sentence the student to 10 days of administrative arrest and destroy his Samsung Galaxy A30 smartphone and bank card. This case is just one of many examples of the application of the cryptocurrency law in Uzbekistan.
Reaction to the New Law
The introduction of the cryptocurrency law caused various reactions in society. On the one hand, this can help in the fight against financial fraud and illegal activities. On the other hand, many express concerns about restrictions on freedom of financial transactions and the development of new technologies.
