Uzbekistan to Legalize Bitcoin, Open a Blockchain Center

Uzbekistan to Legalize Bitcoin, Open a Blockchain Center

Uzbekistan appears to be among the latest countries that have stepped on a path of cyber money regulation. According to local media reports, a relevant law will have been prepared by the end of summer 2018.

Moreover, Uzbekistan plans to establish a center for blockchain technologies. It is also remarkable that this Central Asian country is a major producer of electricity. Hence, mining there is one of the cheapest in the world.

Legalizing Bitcoin in Uzbekistan

Shavkat Mirziyoyev, the president of Uzbekistan, recently signed a decree, according to which the country’s state authorities should complete the work on a crypto bill by the beginning of September 2018. The draft law will regulate digital assets, defined as “electronic money.” The institutions, responsible for the bill’s finalization are Uzbekistan’s:

  • Central Bank
  • Finance Ministry
  • Ministry of Economy
  • Ministry of Information Technologies and Communications

By the way, this presidential decree is considered to be a bullish change in the sphere of cryptos in Uzbekistan. However, earlier the Central Bank’s reps labeled cyber-coins as tools of terrorism supply.

Blockchain Center to be created in Central Asia

As reported, Uzbekistan’s president also ordered country’s establishments to open a specialized Center for Distributed Ledger Technologies. This institution is expected to be set up on the basis of the Mirzo Ulugbek Innovation Center.

The DLT center will enable the use of blockchain. It will work on training people and support Uzbekistan’s devs who are learning about blockchain-like tech trends. The new crypto division is supposed to be created by this year June 1.

Uzbekistan to embrace contactless payments

On top of that, president Mirziyoyev urged the government to develop and promote contactless payments in Uzbekistan. This will be done with via broadening the usage of trans-border payment services. The finalization of this process is also expected to take place by the end of spring.