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Uzbekistan President Signs Off on Implementation of Cryptocurrency

Uzbekistan’s President has recently signed off on an official order concerning the implementation and development of crypto- and blockchain-related technology in the country.


The decree was signed as a means of further advancing the technology as well as increasing Uzbekistan’s digital economy and introducing a more modern outlook on governmental regulations and decisions towards the crypto-tech.

 

The order states that certain technologies were fundamental to the advancement of the international digital industry, including artificial intelligence and blockchain. Introducing these technologies into Uzbekistan was also a highlighted note in the document.

 

As per the decree, a blockchain development project will be conducted from 2018 to 2020 under the supervision of Uzbekistan’s Project Management Office within the government, as well as the Ministry in charge of technology development.

 
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As of 2021, blockchain technology will be introduced into governmental operations to conduct thorough ID verification, assist businesses managements by upgrading their systems and oversee the completion of transactions. 

 

Licenses will be permitted to businesses looking to operate in the cryptocurrency industry, which includes digital exchanges in the country. Tax laws regarding cryptocurrency assets have also been addressed, with a minor tax plan to be implemented.

 

Announcements to introduce the proper cryptocurrency and exchange regulations were made in February, with plans to implement them in September. A blockchain center will also begin operating this month as part of an effort to bring together innovative minds as well as expert consulting to support up-and-coming talent.

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