Uzbek President Issues National Blockchain Development Fund

The president of Uzbekistan, Shavkat Mirziyoyev, has issued the implementation of a government-funded blockchain development scheme known as the Digital Trust. The official announcement was posted this Sunday, the 2nd of September on the nation’s government site.


Promoting Blockchain Tech Integration Across Major Institutions

The purpose of this project is to facilitate the implementation of blockchain technology across a variety of government programs such as education, public healthcare, and culture projects. In addition, the Digital Trust will take part in worldwide investments within Uzbekistan’s crypto economy. With the help of grants and overseas loans, the project will also be financially supported by an organization called the National Agency of Project Management.

As a crypto enthusiast, the president has also taken steps to encourage blockchain development in the nation, approving legislation that aims to implement blockchain tech into various public services soon.

Mirziyoyev also approved documentation that provisions the integration of blockchain technology into systems of public administration this July. The order states that the program’s introduction will take place within the next two years. It also declares that the nation’s Ministry of Information Technologies and Communication will be required to establish a blockchain implementation scheme regarding crypto trading, lending, and cross-border clearing.

Digital Currency Guidelines and Regulations

A recent bill passed by the president regarding digital asset regulation was officially enforced on the 2nd of September. This new law states that nonnationals are prohibited from trading digital assets within Uzbekistan unless a subsidiary is first created within the country.  It also pinpoints details such as requiring minimum capital of approximately $710,000 to register a local exchange. In addition, cryptocurrency traders will not be considered under the nation’s regulatory enforcement associated with the stock market relieving them of any duty towards revenue taxation.

The recently signed crypto bill states that exchanges are required to follow anti-terrorism and anti-laundering laws and are encouraged to store all digital transactions and associated trader information for up to five years.

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