The President of Uzbekistan signed a decree on the legalization of cryptocurrencies, blockchain and mining
The technological revolution is taking place in Uzbekistan right now. The government legalized The President of Uzbekistan signed a decree on the legalization of crypto-currencies, blockchain and mining. In the near future blockchain will be introduced into the work of governmental agencies. Uzbek decision makers will also legalize cryptocurrencies and transactions for their purchase and sale, as well as prepare personnel for blockchain and launch a pilot project on mining.
President of Uzbekistan Shavkat Mirziyoyev signed a decree on July 3 “On measures to develop the digital economy in the Republic of Uzbekistan”. The document says that the technologies of the distributed registry, artificial intelligence, the use of the capabilities of supercomputers, as well as activities on digital assets are one of the priority directions for the development of the digital economy in many countries.
“Blockchain technologies are gradually being introduced to many sectors of the economy and to the system of state administration and other public relations,” the document says.
In this regard, the President of Uzbekistan identified the most important tasks for the development of the digital economy for further improvement of public administration systems and conditions for the introduction and development of innovations.
These include: the introduction and development of the turnover of crypto-active assets, mining, smart contracts and blockchain funds for the development of investment and entrepreneurial activities.
In particular, Uzbekistan defines priority areas:
Training of qualified personnel in the development and use of blockchain
Comprehensive development of cooperation with international and foreign organizations in the field of blockchain technology and the involvement of foreign specialists
Establishment of the necessary legal framework for the implementation of blockchain, taking into account the best practices of foreign countries.
Ensuring close cooperation between the state and private business in the field of blockchain technology for the further development of the digital economy.
The decree also establishes that the National Project Management Agency (NAPU) will become an authorized body in the field of introduction and development of the digital economy. The NAPU will determine the scope of the implementation of blockchain and carry out the examination of the projects.
The turnover of the cryptocurrency will be subject to special regulatory legal acts. All transactions related to the purchase and sale of crypto-assets will not be taxed, and the revenues received will not be included in the taxable base.
As part of the program for the development of the digital economy of Uzbekistan, it is planned to introduce blockchain from January 1, 2021:
- in the work of state bodies, public procurement, provision of public services, verification of information about the individual;
- in the work of state registers, classifiers and other databases;
- in the system of corporate governance of large commercial organizations with a state share in the charter;
- in clearing operations, when making payments, trade financing, as well as loans