Uzbekistan Is Going To Legalize Bitcoin

On Bitcoin News Today Portal have been published  Uzbekistan has started the process of legalizing bitcoin. By the end of the summer, a law regulating “electronic money” should be prepared in accordance with a presidential decree. The country also wants to open a distributed ledger technology center. The country is known as a electricity producer and mining expenses in Uzbekistan are the cheapest in the world.

Uzbekistan to Adopt Bitcoin Bill

Uzbekistan president Shavkat Mirziyoyev signed a new decree about regulating cryptocurrencies or “electronic money” by September 1. According to the report, The Central Bank, the Ministry of Information Technologies and Communications, the Finance Ministry, and the Ministry of Economy have to prepare a bill.

Respective authorities also were ordered by Mirziyoyev to set up a special Center for Distributed Ledger Technologies within the Innovation Center called Mirzo Ulugbek. The main responsibility will be creating conditions for using blockchain opportunities. The center is going to be opened on June of this year. The new department will take measures to increase qualifications and support local developers.

The president Mirziyoyev also encouraged to start active development and promotion of contactless payments in the country, expanding the use of international payment systems. The goal of setting measures for accomplishment also is expected by June.