Uzbekistan to pass a law to legalize Bitcoin and cryptocurrencies

Uzbekistan, a country located in the central part of Asia has come into the limelight by announcing that they will soon pass a law to regulate the use of Bitcoin in their country.

The President of Uzbekistan, Shavkat Miriyoyev decreed that the institution should draft a law to legalize cryptocurrency by the end of September this year. Various ministries of the country including the Central Bank, the Ministry of Information Technologies and Communications, the Finance Ministry and the Ministry of Economy have been given the task of preparing the bill.

Shavkat Miriyoyev has even instructed the concerned authorities to set-up a special ‘Center for Distributed Ledger Technologies’ within the Mirzo Ulugbek innovation center. The main role of the center will be to create conditions for using the various possibilities of blockchain technology. The center will also work towards improving and educating the local developers about the new trends and emerging technologies in DL technologies. The center will be opened by June 1st, 2018.

The President even emphasized on promoting the use of Cryptocurrency and smart contracts and encourage international payments systems to embark in the country.

Uzbekistan government had the opposite attitude towards digital currency. The Central Bank of Uzbekistan of Uzbekistan even proclaimed that cryptocurrencies are instruments of terrorism financing. But ever since the country’s Prime Minister, Abdulla Aripov supported the use of blockchain technology and attended ‘The Digital Agenda in the Era of Globalization’ forum in Kazakhstan’s financial capital, Almaty which attracted officials from the Commonwealth of Independent States (CIS) and the Eurasian Economic Commission (EEC), the country’s perspective seems to have changed.

Ajmal Karim, a Bitcoin and Ehereum investor says,

“It’s remarkable how countries which are less popular as this is looking for ways to legalize Bitcoin. China, time to up your game mate.”

Tony Charles Bowoskiv, a student at Georgia University says,

“Any country that has understood the vast opportunities presented by the blockchain technology and currencies like Bitcoin, have understood what the future is going to look like and definitely don’t want to be left behind.”

Due to this, the news has stirred up a lot of curiosity amongst the citizens of other countries. Recently, all the big player of Asia have taken decisions against cryptocurrencies, China banning ICO and declaring cryptocurrencies illegal, India not having a clear stand, South Korea, the major player in the virtual world passing laws and strict regulation on cryptocurrencies. Only time can tell what’s in store for Uzbekistan.

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