Bitcoin Forum

President of Uzbekistan signed the Blockchain Integration Decree - Tax Exclusion for Crypto

~The president of Uzbekistan just signed a Decree about development and integration of Blockchain technology, digital assets, and crypto mining. Its aims are modernizing the current management system of the government and acting as the driving force for the growth of digital economic in domestic. The decree “On measures for digital economics development in the Republic of Uzbekistan” was signed officially by Shavkat Mirziyoyev on July 4th.

~The Decree will be the legal basis for a “digital economic” in Uzbekistan. According to the legal document, the Ministry of Development of Information Technology and Communication will be the one to create and implement a program that boosted the growth of Blockchain in the country from 2018-2020. The department will be monitored and managed by the Government Office.

~Starting from January 1st, 2021, Blockchain as reported will be integrated into the operation of government agencies, particularly in verifying and identifying data in corporate management, as well as clearing transactions. Every individual wanted to participate in trading cryptocurrency need a special license.

~What mentioned in the Decree can be understood as a limited tax regime for crypto assets: “The turnover of crypto assets is regulated by special regulatory legal acts. Operations related to this turnover are not subject to be taxed, while the revenues received are not included in the tax base”.

NIL (https://nilecoin.org/)
NilecoinTeam (https://nilecoin.org/)

A news has been spread recently that the president of Uzbekistan has just signed a Decree regarding the development and integration of the blockchain technology.

This is good news for Uzbekistan.  Integration in the work of government agencies.  The development of technology I think will be a plus for the country. I need a special license and are not subject to taxation.  Here it is interesting to study the wording of the decree.

Wow! This is very cool, because I did not expect to see such a serious development of the crypto-currency industry in the CIS countries, I think and I hope that they will really be able to seriously develop the crypto-currency sector in Uzbekistan.

Thank you for the informative article. I believe that it will bring good days for the investors. As the tax will be less in crypto transactions. I believe that good days are coming soon for the investors of Uzbekistan.

Superb, we need such legislation from all the countries around the world to promote crypto market as a new asset especially if we get the legal cover and tax exclusion crypto market can really outperform all other traditional financial markets easily.

This is a good news indeed for the people in the crypto currency market. Now that the market is open to yet another country, this will result in more investors in the market. This will turn the situation around in the crypto currency market and will be able to help recover from the dip.

This is really a great news. I didn't know that Uzbekistan is that much developed country. But this news has proved their progress. I hope they will grow more and more and crypto industry will get some good crypto analyst.

Day by day crypto market becoming popular among all the country. Its true some countries government ate banned this market but some are also accept this market. I believe in near future whole world will accept this market.

Wow. Thats a really good news. I think President of Uzbekistan has taken the right decision. Its good to see that how every country are interested to develope crypto in their country. I think it will be a very successfull project.

This is really awesome news! Even though maybe not so many people have heard much about Uzbekistan, this is not a small country, as it has a population of 32 million people. Also, this could have an influence for other countries as well, so every news like this is welcomed.

Whats the point of repeating the OP main message? This is the reason why some of the high ranking members here see as a shitty posters.

Hopefully that the Uzbekiztan government will make the decree favorable to the users of crypto and be within the reach of their people as we know not all decrees and law that is passed by every government will be favorable to its countrymen and sometime only some corrupt officials benefit from it. I am in high hopes that many crypto users will benefit from what they are establishing and it would be implemented as soon as possible.

Actually with the increasing number of demand of the bitcoin as well as the market of crypto currency, many companies, institutions and even the governments are also focusing on the use of crypto currency. Now many governmental agencies are using this for taxation and other purposes. Now another country is also coming. One day every country will come here.

Great news, well done Mr Mirziyoyev. Hope that the government officials of many other countries, inspired by Uzbekistan, will also consider legalizing crypto and integrating Blockchain into their domestic economy.

This is a great news and I wish more countries will follow suite, the more countries adopt and recognize cryptos the more it will bring more people into the space and the more the price of coins in the market will increase.

That is really good news for the cryptocurrency market.
There should be many governmental organizations and agencies that adopt policies that recognize bitcoin as a global development co-ordinator.
The news is good signals for BTC to develop and more valuable.

How can that be really good news for the market if we are talking about Uzbekistan? This is a very small country, not so relevant.

The President of Uzbekistan has just signed a decree on the development and integration of blockchain technology. If this news is true, it will have a very far-reaching impact on the cryptocurrency market, which will lead more investors into the market and will promote the market. Further development