[2018-02-26] Uzbekistan to Legalize Bitcoin and Support Developers

[nickbelski]

Uzbekistan has taken the road to bitcoin legalization. In accordance with a presidential decree, a law regulating “electronic money” should be prepared by the end of the summer. The Central Asian country is also planning to open a center for distributed ledger technologies. Mining expenses in Uzbekistan are among the lowest in the world, as the country is a leading producer of electricity.

Uzbekistan to Adopt Bitcoin Bill

A new decree signed by President Shavkat Mirziyoyev states that Uzbekistan institutions should finalize a draft law to legally regulate cryptocurrencies, or “electronic money”, by September 1. The Central Bank, the Ministry of Information Technologies and Communications, the Finance Ministry, and the Ministry of Economy have been tasked to prepare the bill, Vzglyad reports.

Mirziyoyev has also ordered respective authorities to set up a special Center for Distributed Ledger Technologies within the Mirzo Ulugbek Innovation Center. 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.

Source: https://news.bitcoin.com/uzbekistan-legalize-bitcoin-support-developers/

[InvoKing]

From looking at it as a scam to supporting it, this looks promising and another important point is this

Uzbekistan has another important advantage that could potentially increase the country’s prominence in the crypto world. It placed third in a recent study of cryptocurrency mining expenses. Mining 1 bitcoin there costs just $1,790. Uzbekistan is actually the largest producer of electricity in the region.

So if ever China will drop Bitcoin mining, we can find easily another close place to mine tho meanwhile, it is too early to judge tho.

[cynical]

great,
last year Australia stated something similar in that they wanted to attract blockchain tech industry to their country
then we saw earlier this month Spain leading the European vote of confidence and stating they wanted to support this tech sector.
Now we have Uzbekistan seeing a future in the sector.