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Uzbekistan to pass a law to legalize Bitcoin and cryptocurrencies

Mohan Pratap

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Uzbekistan to legalize cryptocurrencies
Source: Pixabay

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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Mohan Pratap is a contributing News writer at AMBCrypto. He is an Engineering graduate with an acute curiosity to unravel Blockchain and technology-related stories. Mohan currently does not hold any value in any cryptocurrency or its projects.

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Bitcoin

US 2020 Presidential Candidate promises to provide better regulatory clarity on cryptocurrency market

Priya

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US 2020 Presidential Candidate promises to provide better regulatory clarity on cryptocurrency market
Source: Unsplash

Andrew Yang, the United States 2020 Democratic Presidential candidate, released a new policy for the regulation of the cryptocurrency space on April 20. The new policy statement titled ‘Crypto/ Digital Asset Regulation And Consumer Protection’, emphasized on the need for regulating the digital asset place, and also listed the actions Yang would do for the cryptocurrency market as the President.

Yang said on Twitter,

“New Policy #22 – Digital Asset/Cryptocurrency Regulation. Investment in cryptocurrencies and digital assets has far outpaced our regulatory frameworks. Investors need to know what their treatment will be in order to properly innovate in the U.S.”

On the official site, Yang stated that the cryptocurrencies “have quickly grown to represent a large amount of value and economic activity”. He further spoke about the lack of regulation of the cryptocurrency space, adding that the “patchwork of varying regulations” introduced by states has made it “difficult for the US cryptocurrency market” to compete with any other market, importantly China and Europe.



The Presidential Candidate further listed three key problems that needed to be solved, growth of cryptocurrency market being faster than that of the government’s response, differing regulations in different states, and uncertainty of the framework that would be unveiled.

Source: Yang2020

Source: Yang2020

Fang, a Twitter user, said,

“A candidate that is actually in touch with technology, blockchain and crypto. I missed the Bitcoin train but got in early on Ethereum mining: A significant % of my net worth is in crypto. So far I’ve done nothing but HODL. Our government has no idea what to do with digital asset”





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