The President of Uzbekistan Shavkat Mirziyoyev gave the green signal for drafting a bill which will aid the regulation of cryptocurrencies in the country.They have high aspirations and believe the introduction of blockchain technology will bring prosperity to the country.

As reported by Vzglyad.az, The Central Bank of Uzbekistan, Ministry for the development of Information Technology and Communications, Ministry of Finance, and Ministry of Economy have already begun drafting a bill for regulation of cryptocurrencies

The resulting bill being drafting will also introduce a platform for the development of a specialized center for Blockchain (decentralized distributed ledger) technology. It is rumored to be situated at the Mirzo Innovation Centre. They expect, by providing a specialized center it will provide the perfect condition to bring about innovations in the blockchain technology while simultaneously aiding the developers in the country by providing them with a decent amount of training. The date for the commencement of the center is set for June 1, 2018, Given, everything functions smoothly.

Mirziyoyev also confirmed that talks for active development and promotion of contactless payment technologies such as PayPal, Visa, Mastercard, and Alipay have been going on. The President also further added that in order to achieve their objective, the government is working overtime for implementing the needed measures by June 1, 2018. Uzbekistan is one of the least-cost producers of electricity in that particular region of Asia and it costs only about $1,750 on an average to mine a single Bitcoin in that country. Thus they can prove to be one of the leading countries in the blockchain revolution in the future. For now, it is really interesting to see how this development progresses going forward.