Uzbekistan officially becomes a hub for Bitcoin, crypto mining and blockchain
Bitcoin and other cryptocurrencies are only climbing up the stairs of popularity all over the globe. Now it seems that the crypto wildfire has spread to Uzbekistan as its government has legalized the establishment of crypto exchanges and blockchain companies in the country. And, to add cherry on top, the country will also permit cryptocurrency mining, reported CCN.
However, the country has specified that virtual currencies won’t be treated as securities in Uzbekistan; thereby, dissolving the need of imposing rules and regulations on cryptocurrency exchanges that security exchanges usually face. Special normative acts, as it is called, will be imposed on the exchanges and business dealing in cryptocurrencies.
Uzbekistan supports Bitcoin & other cryptocurrencies, along with their mining and Blockchain
The latest turn of events was seen after the country signed its presidential decree in order to support blockchain, crypto exchanges, and crypto mining in the country. For the mining of cryptocurrencies, the country will be implementing some regulations that will oversee the locations where the mining companies will be establishing their companies. Government backed National Project Management Agency will be designating the locations to the bitcoin mining companies where they will be reportedly implementing more than 100 KW/h of electricity on locations.
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