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Uzbekistan Has Taken A Step Towards Bitcoin Legalisation

Feb 26, 2018 Posted /  2579 Views

Uzbekistan Has Taken A Step Towards Bitcoin  Legalisation

The president of Uzbekistan, Shavkat Mirziyoyev has issued a new decree to draft law for circulation of cryptocurrencies or “electronic money” by September 1, 2018. As per the Vzglyad reports, the president has assigned the project to the Central Bank, the Ministry of Information Technologies and Communications, the Finance Ministry, and the Ministry of Economy.

Mirziyoyev also commanded to establish a special center for Blockchain Technology within edges of Mirzo Ulugbek Innovation Center by June 1, 2018. The primary motive behind setting up of the department is to promote local developers to enhance their skills and master in DL Technologies. The special center will be responsible to “create conditions for using the opportunities of blockchain.”

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The president has also recommended the utilization of International Payment System for contactless payments in Uzbekistan. A set of legal framework is expected to be introduced by June for the same.

In Earlier statements, the spokesperson of the Central Bank of the Republic of Uzbekistan had referred cryptocurrency such as Bitcoins as “instruments of terrorism financing.” The decree passed by President shows a positive switch in the attitude of Uzbekistan regarding the circulation of virtual tokens.As per Sputink reports, Prime Minister Abdulla Aripov also promoted usage of Blockchain Technology.

In a recent “The Digital Agenda in the Era of Globalization” forum held in the Financial capital of Kazakhstan,  Almaty the Prime Minister Abdulla Aripov attended the meeting with high officials of Commonwealth of Independent States (CIS) and the Eurasian Economic Commission (EEC). The central Asian neighbors of Uzbekistan such as Kyrgyzstan and Kazakhstan have also shown a positive attitude towards the virtual economy. Kyrgyzstan is looking forward to utilizing virtual tokens in public contracts whereas Kazakhstan is planning to launch its digital coin supported by an asset. The central bank of Astana also claimed that it is not going to prohibit cryptocurrencies.

As per media sources, Uzbekistan secured the third position in a recent study of crypto mining expenses. The nation is the largest supplier of electricity in the region and as per study, mining of one bitcoin will cost just $1790. The benefit as mentioned above can promote the eminence of the nation in the crypto economy.

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Tags: bitcoin legalize cryptocurrencies electronic money virtual economy Uzbekistan

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