Uzbekistan Considers Cryptocurrency Regulation

Published on 23 Feb. 2018
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Uzbekistan Considers Cryptocurrency Regulation

The government promises to prepare the law draft that presupposes legal regulation of digital money in Uzbekistan until September this year. The information is reported by the media resource Sputnik Uzbekistan.

The representatives of different ministries and governmental organizations will be working on this legal document, in particular: Ministry of Finance, Ministry of Information and Communication, Ministry of Economics, Central Bank, and others. The participants are listed in the decree on the development of such document, signed by the president Shavkat Mirzioyev.

Also, president Mirzioyev was positive about the creation of the competence center on distributed ledger technology at the Mirzo Ulugbek Innovation Center. The goal of the center is popularization and educational activities on innovative technologies. The primary tasks that the competence center will solve are increasing of the staff potential, forming the conditions for using blockchain, and support of the national developers. The opening of the center is planned for the beginning of summer this year.

The president of Uzbekistan directed the government to develop and stimulate the use of contactless payments, which will lead to the active use of international payment systems PayPal, Alipay, Visa, and Mastercard.

Not long ago, the regulatory bodies of Uzbekistan were negative about cryptocurrencies, repeating the rhetoric of politicians and legislators that digital currencies such as Bitcoin are the instruments of financing terrorism. However, on the forum in Kazakhstan, the prime minister of Uzbekistan Abdulla Aripov said about the positive impact of blockchain technology on the countries of Central Asia.

Position of Uzbekistan doesn’t seem strange or innovative since all world is talking about the regulation of the cryptocurrency space. Recently, we’ve informed about Kazakhstan plans on implementing blockchain into governmental institutions next year.


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