The President of Uzbekistan signed a decree on the development and implementation of the blockchain

On 3 July the President of Uzbekistan Shavkat Mirziyoev, signed a resolution «On measures for development of digital economy in the Republic of Uzbekistan», according to which the country officially embarked on the development and implementation of the technology of the blockchain, cryptocurrency and mining assets.

The technology of the blockchain will be implemented in government agencies, legalize all cryptocurrency assets and processes of their sales, will begin to prepare staff in the blockchain and will launch a pilot project in mining.

The document States that the technology of the blockchain, as well as artificial intelligence technologies, harnessing the power of supercomputers and cryptocurrency assets are one of the main directions of development of digital economy in many countries.

«The technology of the blockchain is being promoted not only in many sectors of the economy, but also in the public management system and other public relations», — stated in the document.

In this regard, to further improve the system of state administration, creating conditions for the introduction and development of the digital economy, improving the investment environment, identified major tasks of digital economy development:

  • Implementation and development activities in the area of cryptocurrency assets, including mining, smart contracts and blockchain technology for the diversification of various forms of investment and business activities.

  • Training of qualified personnel in the development and use of technology of the blockchain, with practical skills in using modern ICT.

  • Comprehensive development of cooperation with international and foreign organizations in the sphere of cryptocurrency assets and technology of the blockchain, the involvement of foreign experts in the field of technology of the blockchain for the joint implementation of projects in the digital economy.

  • Creating the necessary legal framework for the implementation of the technology of the blockchain taking into consideration the advanced experience of foreign countries.

  • To ensure close cooperation between the state and private business in the sphere of technology implementation for further development of the digital economy.

  • There is installed, by the authorized body in the sphere of implementation and development of the digital economy is the National Agency project management office (NAPA). What NAPA is to determine in what spheres it is necessary to introduce the technology of the blockchain, as well as to conduct expert evaluation of projects.

    Turnover of crypto-currency assets will be governed by special legal acts. Operations associated with turnover, will not be taxed, and the proceeds are not included in the taxable base.

    In addition, the decree specifies that the foreign exchange operations related to the circulation of cryptocurrencies conducted by persons licensed, is not subject to the provisions of the law on currency regulation.

    There’s also NAPA and Meningoma instructed in 2018 2020 to implement a programme on development of the technology of the blockchain in Uzbekistan, which foresees the introduction and development activities in the area of cryptocurrency assets, create a legal framework for the purchase and sale of cryptocurrencies, including local and international cryptocurrency exchanges.

    In the framework of this programme from 1 January 2021, provided for the introduction of the blockchain:

    • the performance of public institutions, public procurement, public services, verification information about the individual;

    • maintenance of state registers, classifiers and other databases;

    • corporate governance system of large commercial organizations with the state share in the Charter;

    • clearing transactions, for payments, trade Finance and credits.

    From 1 October introduce a new procedure:

    • activities in the area of cryptocurrency assets, including the creation of cryptocurrency exchanges, subject to licensing.

    • the authorized body in the field of licensing is NAPA.

    In addition, NAPA gets a share in the Charter Fund of the Directorate of MUIC, and within three months, «Uzbekenergo» and «Uzbekgidroingeo» must develop and submit a proposal to run a pilot project in mining.

    NAPA and Meningoma instructed within a month to develop and submit proposals for the creation of conditions for development activities for cryptocurrency assets until 1 January to develop and submit the draft law «On digital economy and technology of the blockchain».

    This law will key concepts of the technology of the blockchain and principles of functioning, the powers of state bodies in the sphere of the blockchain, penalties for the use of the blockchain for illegal purposes.

    Also within two months will prepare the regulations on the licensing of cryptocurrency assets.

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