Shavkat Mirziyoyev, the President of Uzbekistan has signed a new decree which has made it mandatory for the nationalised institutions to finalize a draft regulation in regards to cryptocurrencies or “electronic money” within 1st September of the current fiscal. Vzglyad reported that the Finance Ministry, Central Bank, Ministry of Economy and Ministry of Information Technologies and Communications have been directed to come up with the bill.

Various authorities have been ordered by Mirziyoyev to set up a specialized Center for Distributed Ledger Technologies within the Mirzo Ulugbek Innovation Center. The main responsibility of this center will be to “create conditions for using the opportunities of blockchain”. This new department will try and “increase qualifications” as well as render support to local developers in mastering Distributed Ledger technologies. The center is expected to be inaugurated on June 1, 2018.

The president wishes to expand the usage radar of international payment systems by promoting contactless payments and active development in the country. A complex decree is expected to be published within June to serve as a guidance for others to follow. The presidential decree stands indicative of the positive alterations taking place in cryptocurrency course.

A different attitude was conveyed earlier from statements made by Tashkent officials. Representatives of the Central Bank of the Republic of Uzbekistan had earlier referred to these cryptocurrencies as “instruments of terrorism financing.” However Prime Minister Abdulla Aripov had been extremely welcoming to the usage of blockchain technology in triggering the country’s holistic growth

“The Digital Agenda in the Era of Globalization” forum conducted in Almaty, the financial capital of Kazakhstan was attended by officials from the Eurasian Economic Commission (EEC) and the Commonwealth of Independent States (CIS). Positive steps have been taken by the Central Asian Neighbours of Aripov’s country in regards to the bubbling cryptocurrency sector.

Kyrgyzstan recently announced its intentions of using cryptocurrencies for fuelling public contracts very recently. Kazakhstan wishes to bring forward an asset backed cryptocurrency for facilitating financial transactions with greater ease. The Central bank of Astana revealed that it does not perceive cryptocurrencies as a big threat and hence wont ban the same in upcoming days.

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Uzbekistan was recently placed in the third position via a recent study conducted on the cryptocurrency mining expenses on a global scale. This has provided the country with a lucrative advantage which houses the raw potential of increasing the country’s reputation in the crypto world. An approximate of $1790 is spent for mining a single bitcoin token in Uzbekistan which is also the largest electricity producer of the region.

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Tarunima Ghosh Laha is a Finance Post Grad from St. Xaviers who believes Finance is more than just Balance Sheets and Ledger creation. This filmy bookworm who believes she was a sloth in past life also nourishes a penchant of owning a private zoo someday. Equipped with a laptop and online Lexicon she is all set to give finance a glamorous makeover in the form of exciting writeups with bang on info and flashy new words.