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  • Thu, Jul 5, 2018 President of Uzbekistan signs decree on blockchain integration, encryption tax reduction

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    The President of Uzbekistan has signed a decree on the development and integration of blockchain technology, cryptographic design and cryptographic mining, with the goal of modernizing the national management system and advancing the country’s digital economy. On July 3, President Shavkat Mirziyoyev signed the Decree on "Measures for the Development of the Digital Economy of the Republic of Uzbekistan".

    This document describes blockchain, artificial intelligence (AI), supercomputer and encryption-related activities as key development trends in the global digital economy. The decree calls for the creation of conditions for the introduction of "digital economics" in Uzbekistan. Under the Act, the Government Project Management Office and the Information Technology and Communications Development Department were designated to design and implement the blockchain development plan for 2018-2020. According to reports, starting on January 1, 2021, the blockchain will be integrated into the operation of government agencies to verify identification information, company management systems and clearing transactions. Entities wishing to conduct business in the field of cryptographic devices, including the operation of encrypted exchanges, must obtain special licenses. The decree cites a limited tax system for cryptoassets:

    “The turnover of cryptoassets is subject to special regulatory laws and regulations. The business related to this turnover does not require taxation, and the income received is not included in the tax base.” In February this year, Uzbekistan announced that it will be September 2018. The plan to monitor blockchain and cryptocurrency is announced, and the Blockchain Skills Center will begin operations in July. According to reports, the center will "develop" the use of blockchain potential, improve professional capabilities and support the adoption of local developers. “This spring, another Central Asian country, Kyrgyzstan, issued a plan for digital patent records and, with the help of the Russian National Intellectual Property Exchange Coordination Center (IPChain), created a Kyrgyz National Patent Office (Kyrgyz Patent Office). A blockchain-based database.