Uzbekistan will Create a National Mining Group, Launch Licensed Exchange

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Uzbekistan will Create a National Mining Group, Launch Licensed Exchange

Building a "national mining cluster" has been declared a priority in Uzbekistan. Miners who join the pool will enjoy lower electricity tariffs, announcing the state agency that oversees the crypto industry. Central Asian countries prepare to launch licensed cryptocurrency exchanges, miners will be able to sell the coins they have printed.

Consolidating the Power of Crypto Mining

A government body under the President of Uzbekistan, the National Agency for Project Management (NAPM), revealed this week the 2020 plan for regulation of crypto trade and implementation of blockchain technology. In a press conference on Monday, the agency stated that the proposed mining pool would help consolidate the capacity of domestic and foreign miners at the national level.

The agency's decision is to ensure economic efficiency and increase transparency and security. NAPM thinks this will improve energy efficiency in the sector as well and make the former Soviet republic look more attractive to foreign investors. Report Spot local news outlet.

The formation of a national mining cluster is also part of a series of steps by NAPM to exclude crypto miners from the shadow economy. One of them is the launch of the country's first licensed digital asset exchange next week, where mining companies will be able to sell the digital coins they receive for processing crypto transactions.

Uznex, a platform operated by South Korea's Kobea Group, is scheduled to be officially opened on Monday, January 20. The site is currently online in beta, seven trading pairs with bitcoin core (BTC) and stable tether (USDT), including BCH / BTC and BCH / USDT. The exchange is based in the capital, Tashkent.

The decree issued in July of that year prepared a legal basis for crypto-related activities in general and the implementation of the blockchain technology signed by President Shavkat Mirziyoyev in September 2018.