Uzbekistan has legalized blockchain technologies, mining and cryptocurrency. The country's strategic course towards the development of the digital economy is now enshrined at the legislative level.
Uzbekistan is ahead of its schedule for legalizing cryptocurrency and introducing blockchain technologies into the country's economy. Earlier, in February of this year, the President of the Republic approved the development by government bodies of a bill defining standards for blockchain technology and cryptocurrency. Initially, the document was planned for signing in September of this year, but ahead of plans, on July 3, President of Uzbekistan Shavkat Mirziyoyev signed a decree outlining a set of measures for the implementation of distributed registry technologies and the development crypto market.
The document intends to create favorable conditions for the introduction of digital technologies in various segments of the country’s economy, including in public administration. The set of strategic measures prescribed in the regulation affects blockchain technologies, cryptocurrency, and mining.
Among the main directions for the development of the digital economy in the coming years, the following are highlighted: the creation of a complete legislative framework, the introduction of international best practices in this area, the training of our own highly qualified personnel, the establishment of two-way communication between regulatory authorities and private business in the cryptosphere.
The National Project Management Agency (NAPM) is empowered to determine the policy for the implementation of digital technologies and the scope of their application.
According to the provisions of the document, cryptocurrency transactions are not subject to taxation, and the creation and operation of cryptocurrency exchanges requires obtaining a license. Also, cryptocurrency does not fall under the rules of the law on currency regulation.
State energy companies must prepare their proposals for a mining pilot project.
The entire strategic program must be implemented by January 1, 2021. By this time, solutions for the use of blockchain technologies in public administration should be prepared and the problems of developing the crypto industry in the country should be solved.
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