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Bitcoin Regulation and Bitcoin Tax in Uzbekistan

Uzbekistan is one of those countries that has seen the light and legalized Bitcoin.

A presidential decree by President Shavkat Mirziyoyev states that a draft a law is to be drawn up to legalize cryptocurrency by the end of September this year. Various ministries of the country including the Central Bank, the Ministry of Information Technologies and Communications, the Finance Ministry and the Ministry of Economy have been given the task of preparing the bill.

The Central Asian country is also expected to open a mining centre for Bitcoin as mining expenses in Uzbekistan are among the lowest in the world. A special Center for Distributed Ledger Technologies within the Mirzo Ulugbek Innovation Center will be set up and its main responsibility will be to "create conditions for using the opportunities of blockchain." The new department will be working to “increase qualifications” and support local developers in mastering DL technologies. The center should be opened on June 1, 2018.

The president has also called for active development and promotion of contactless payments in the country by expanding the use of international payment systems. A set of complex measures to accomplish that goal are also expected by June. Mining just one Bitcoin in Uzbekistan costs just 1,800 USD and with the cheapest and largest producer of electricity in the area Uzbekistan could become a prime producer of Bitcoin and other cryptocurrencies.

According to ambcrypto.com , Aripov took part in "The Digital Agenda in the Era of Globalization" forum in Kazakhstan's financial capital Almaty, which gathered officials from the Commonwealth of Independent States (CIS) and the Eurasian Economic Commission (EEC). The Central Asian neighbors of his country have also taken positive steps regarding the crypto sector. Kyrgyzstan has announced intentions to use cryptocurrencies in public contracts. Kazakhstan wants to create a new crypto backed by assets.

This article is for information purposes only and is not to be construed as financial information for any purposes such as investment or speculation and it is the responsibility of the reader to perform proper due diligence before acting upon any of the information provided. We recommend that you consult with a licensed, qualified investment advisor before making any investment decisions.