Uzbekistan To Frame Crypto Friendly Rules, Establish Blockchain center

The Central Bank of Uzbekistan, Ministry for the development of Information Technology and Communications, Ministry of Finance, and Ministry of Economy is drafting a bill for regulation of cryptocurrencies. According to Vzglyad.az, the bill is drafted following the order of the President Shavkat Mirziyoyev.

The bill will also result in the establishment of a specialized center for blockchain (distributed ledger) technologies at the Mirzo Innovation Center. The specialized center will ensure the creation of the right conditions for blockchain innovations, while providing adequate training to developers in the country. The center is planned to be established by June 1, 2018.

Mirziyoyev also signaled the active development and promotion of contactless payment technologies such as PayPal, Visa, Mastercard, and Alipay. To achieve the objective, the government is planning to implement the needed measures by June 1, 2018. Uzbekistan is one of the low-cost producers of electricity in the region. Therefore, it costs only about $1,750 to mine a Bitcoin in that country.