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Uzbekistan President Signs Decree to Advance Cryptocurrency Adoption

Uzbekistan flag

Shavkat Mirziyoyev, president of the central Asian landlocked nation of Uzbekistan, has signed a new decree related to cryptocurrency, entitled “On measures for digital economics development in the Republic of Uzbekistan“.

The decree details the development of the digital economy and outlines the countries plans for blockchain, AI, supercomputer and cryptocurrency-related activities. It aims to modernize the administration, management and economic systems of the country by integrating them with the services offered by new fintech technology.

Identity verification, financial transactions and energy supply are amongst the various services the country hopes to see improvements in. A legal framework to specify blockchain application in the public sector will also be developed.

The National Project Management Agency (NAPU) in collaboration with the Ministry of Development of Information Technologies and Communication will draw up a plan to implement a blockchain development program by 2020.

A key point in the decree states that individuals and legal entities, including non-residents, will not have to pay tax on crypto-asset related revenue. Other key points include:

– Cooperation with international organizations in related fields.

– Development of legal framework.

– The development of crypto mining, distribution and crowdfunding.

– The provision of Blockchain technology education.

Businesses will be required to acquire a special license in order to operate crypto-related industries such as exchanges or mining farms. The country has also announced plans for a Blockchain Skill Centre and new regulations in September this year.

The decree is an encouraging sign from the small nation and echoes the sentiments of the EU Parliament, who recently pledged their faith in the future of blockchain technology. It also follows similar recent examples made by crypto-positive nations such as Malta.

Image From Shutterstock

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