Telegram has made a significant move in the cryptocurrency space by launching its Wallet service in Uzbekistan, a country where the messaging app is widely used. This new feature allows users to engage in cryptocurrency transactions seamlessly using their local bank cards. The document provides a justification for the fact that this initiative could enhance financial inclusion in the region.
Introduction to the Wallet Service
The Wallet service enables residents to buy, sell, and trade a variety of cryptocurrencies, including popular options like Bitcoin, Toncoin, and Tether. With over 200 cryptocurrencies available, users can easily manage their token holdings through a user-friendly interface that resembles sending a message on the app.
Significance of the Initiative
This initiative is particularly noteworthy given that more than 88% of Uzbekistan's internet-active population relies on Telegram for communication. The service is backed by Asterium, the largest crypto ecosystem in the country, which ensures secure trading and transaction processes.
Regulatory Approval and Future Goals
The launch of the Wallet service comes after receiving regulatory approval from the National Agency of Perspective Projects. This approval is part of a broader effort to protect user data and prevent financial violations, aligning with Uzbekistan's goal of establishing itself as a regional fintech hub.
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