Uzbekistan intends to legalize cryptocurrencies this year

By September 1, 2018, Uzbekistan intends to draft a bill on using e-currencies in the republic. A decree on it was signed by President Shavkat Mirziyoyev.

The Central Bank, Information Technologies and Communications Ministry, Finance Ministry, Economy Ministry and other governmental agencies are charged to prepare their proposals regarding the bill.

The cryptocurrency issue is a part of the roadmap aimed at reforming the communications technologies for 2018-2019. As a separate step it envisages establishment of a center of excellence in blockchain technologies. The institution is expected to start functioning on June 1, 2018 on the basis of the Mirzo Ulugbek Innovation Center.

The neighboring Kazakhstan has been also developing its legislation for regulating e-currencies and blockchain technologies. Besides, they consider a question of having own national cryptocurrency.

As EADaily reported earlier, in September 2017, Uzbekistan’s Central Bank announced it believed ineffective to allow cryptocurrencies circulating in the country. They explained that due to limited control from the government, e-money could be used for financing terrorism and other criminal activities.

Uzbekistan is in the top three of countries where it is profitable to mine crypto coins. For instance, mining of one bitcoin costs here $1,790 (with the cost of one bitcoin $11,000 on the moment of publishing this article); only on Trinidad and Tobago and Venezuela it would cost even less.