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Monday, 26 February 2018

Uzbekistan President Shavkat Orders the Legalization of Bitcoin in the Country

Shavkat Mirziyoyev Crypto

The Central Asian Country will soon legalize Cryptocurrency. In accordance with a presidential decree, a law regulating “electronic money” should be prepared by the end of the summer. The Central Asian country is also planning to open a center for distributed ledger technologies. 

With more developments soon to follow as the country is among the leading electricity producer in the world, Mining expenses in Uzbekistan are among the lowest in the world too.  

The decree signed by the president Shavkat Mirziyoyev states that Uzbekistan institutions should finalize a draft law to legally regulate cryptocurrencies, or “electronic money”, by September 1. 

Thus, the Central Bank, the Ministry of Information Technologies and Communications, the Finance Ministry, and the Ministry of Economy have been tasked to prepare the bill, Vzglyad reports.

Read Also: All you Should know about the Money laundering cases tied to Bitcoin in Japan

Mirziyoyev has also ordered respective authorities to set up a special Center for Distributed Ledger Technologies within the Mirzo Ulugbek Innovation Center. Its main responsibility will be to “create conditions for using the opportunities of blockchain”.

This is indeed a welcome development to crypto enthusiasts in the country. 

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