A new decree signed by the President of Uzbekistan will promote the integration and development of cryptocurrencies and Blockchain technology in the country.
On July 3, the president, Shavkat Mirziyoyev, signed a decree to advance efforts to build a digital economy that encompasses block chain technology and the extraction, commercialization, issuance and adoption of cryptocurrencies.
The decree, entitled "On measures for the development of the digital economy in the Republic of Uzbekistan", requires a series of key tasks to drive the country towards a digital economy, including the development of a legal framework to recognize and legalize Blockchain technology and the cryptos sector.
The presidential decree also describes a very favorable fiscal position for this nascent industry, which will benefit both regulated companies and individual investors.
A fragment of the resolution says :
"Transactions of legal entities and individuals related to the turnover of transactions (transactions) of cryptoactives, including those made by non-residents, are not subject to taxes, and the income received from these transactions is not included in the base (foundation) of taxes and other mandatory payments. "
Other guidelines included in the decree include :
The adoption and development of the cryptocurrency sector, including mining, issuance, distribution, insurance and crowdfunding activities.
Train qualified personnel to develop and implement the use of Blockchain technology in the public sector.
Comprehensive coordination with organizations and international authorities in the field of cryptographic assets and Blockchain technology.
Create the necessary legal framework to introduce the Blockchain technology.
Interestingly, the document has also entrusted JSC Uzbekenergo and UzbekHydroEnergo with hydroelectric power providers to launch "a pilot project based on the elements of the digital economy and activities on cryptoactive substances (including mining) within a period of three months" , according to an extract from a report from local news sources.
The National Agency for Project Management (NAPU), a newly created government agency under the Presidency, will lead the effort to implement and develop the digital economy initiative of Uzbekistan. The body will have a great influence on the creation of a legal framework and will also specify the applications of block chain technology in the public sector.
In addition, NAPU and the Ministry of Development of Information and Communication Technologies (Mininfocom) will also be responsible for planning, delineating and implementing the technology development program with the year 2020 as the deadline.
The decree has called on government agencies to adopt distributed ledger technology for activities that include data verification, state record keeping, corporate governance and more. The broad initiative parallels a similar court strategy in Dubai, where the government intends to place all its documents in a chain of blocks by 2020.
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