Uzbekistan to Legalize Bitcoin, Open a Blockchain Center

post image

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.

Our top trading bots

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 vzglyad.az 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.

What Everyone Should Know About Tokenization
Blockchain tokenization is a means of digital representation of a right and can be done with the help of a ledger. This can be a right to asset ownership...
Cryptocurrency Exchange Security Levels
The growing interest in cryptocurrencies has led to the emergence of a wide selection of both digital money and the sites where you can exchange one cryptocurrency...
Ethereum Devs Name The Date of Postponed Constantinople Fork
As it is known, on January 17 the Ethereum’s update Constantinople was supposed to be activated. However, this did not happen due to a vulnerability found...
Wolf of Wall Street Belfort Relates Bitcoin to a Scam
The real-life ‘Wolf of Wall Street’ Jordan Belfort keeps bashing on bitcoin. Once in a Facebook interview with a businessman Patrick Bet-David, he suggested...
Buffett, Munger, Gates: What The Investment Guru Have To Say About BTC
This week CNBC brought together three whales of the financial world – Bill Gates, Warren Buffett, and Charlie Munger. Among other things, all of them...
Coinbase Acquires Crypto Portal Earn And Hires A Key Exec
Cyber money trading venue Coinbase brings on Balaji Srinivasan as the first-to-be CTO on par with acquiring portal Earn.com, which was founded and has...
Former Mt Gox CEO Claims He Doesn’t Want Bankruptcy Billions
Mark Karpeles, the ex-CEO at Mt Gox, which once used to be the most significant BTC trading venue, said he does not look forward to receiving billions after...
Regulator Of Cryptocurrencies In South Korea Was Found Dead In His House
The market of cryptocurrency in Korea is again uneasy. Jung Ki-joon, head of economic policy coordination at the Office for Government Policy Coordinationsenior...
The Demand For Blockchain Developers Rose In 35 Times
American site Upwork, specializing in the search for freelancers, said that for a year the demand for employees associated with the blockchain industry...
Blockchain Will Bring As a Big Leap To Developing Countries As Smartphones Did
Blockchain can be as revolutionary in the emrging-market countries as mobile phones have been. As an expert at the investment bank Exotix Paul Domjan explains,...
South Korea Prepares a Law on the Prohibition of Trade in Cryptocurrencies
The Ministry of Justice of South Korea is preparing a bill prohibiting trade in cryptocurrencies in virtual exchanges of the country. This is reported with...
Wall Street Bull Tom Lee Says Bitcoin Could Effortlessly Double in 2018
Bitcoin might not be having the best time of its existence right now, as it is going through a series of price swings. Today, on January 11, the most known...
The ICO in 2018: What to Expect?
Do you remember how ICOs were blown away this summer? In narrow circles, it called Crypto-Summer. It’s almost the end of the year, so Cryptoboom team wants...
Who and What Will Determine Bitcoin’s Destiny in 2018
The year of 2017 has been full of ups and downs for the bitcoin industry. And, as usual, the future of this cryptocurrency cannot be predicted easily. So...
Real Price of Bitcoin Could be Zero – Morgan Stanley Analyst
The analyst of a global financial services firm Morgan Stanley, which offers investment banking, securities, wealth management, and investment management...