Presidential decree to boost blockchain in Uzbekistan

13 July, 2018

The president of Uzbekistan, Shavkat Mirziyoyev, signed a decree last week that—among other things—calls for expanding the use of blockchain in the country.

The decree, titled “On Measures for Digital Economics Development in the Republic of Uzbekistan,” details a plan to legally recognize blockchain and crypto technologies and to integrate them soundly into the public sector. The president hopes the move will spur modernization in the landscape of rapidly emerging tech and bring “digital economics” to the country.

Decree details

The decree follows an announcement in February that Uzbekistan would begin regulating cryptocurrency by September. It outlines a plan to legally recognize and set out a framework for introducing blockchain technology. The document specifically states that there will be no taxes on crypto transactions (including those carried out by non-residents) or the revenue gained from such transactions.

In addition, the decree details the government’s plan to integrate blockchain into the public sector. This includes training personnel in the development of blockchain technology, and the development of mining, distribution, and crowdfunding activities, among other ventures. The decree elaborates on an interest in working with international organizations and authorities to achieve these goals.

Looking to the future

Uzbekistan’s National Project Management Agency (NAPU), established under President Mirziyoyev, will lead the country’s blockchain development initiative. They are also in charge of setting the legal groundwork for blockchain and cryptocurrency tech. NAPU is partnering with the Ministry of Development of Information Technologies and Communication (Minifocom) to achieve blockchain development goals by 2020, as well as to successfully integrate blockchain in government agencies for uses such as data verification and recordkeeping.

These developments reflect the fact that governments worldwide are becoming increasingly aware of the positive impact blockchain can have in various industries. Earlier this week, we reported on Malta announcing a regulatory framework for the implementation of blockchain in the country, and last month, we explored some of the different ways that governments around the world can benefit from blockchain technology.

 

 

 

 

 



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