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2023: Uzbekistan has created a special regime for crypto assets. Banks will issue cryptocurrency cards
In mid-August 2023, it became known about the creation in Uzbekistan of a special regime (the so-called "regulatory sandbox") to regulate the turnover of crypto assets. At the first stage, Kapitalbank, Ravnak Bank and Uzinfocom (a single integrator of the creation and support of state information systems in the republic) joined it.
According to the Prime agency, citing a statement by the National Agency for Advanced Projects (NAPP), the regulator in the field of crypto asset turnover in Uzbekistan, in 2023 Kapitalbank and Ravnak-Bank will issue their cryptocurrency cards. Thus, Kapitalbank will develop and implement the Crypto-Card banking card product, Ravnak-Bank - the CRYPTO CARD-UzNEX virtual bank card. A full launch of both products is scheduled for December. In particular, Ravnak-Bank is testing the integration of the "automated banking system, the information system of the crypto exchange, the processing center of the bank and the international payment system Mastercard," the NAPP said.
As for Uzinfocom, this company will launch a certification system for domain name owners. Instead of regular tokens, NFT tokens will be used. For the operation of the system, a distributed data registry technology known as blockchain will be used. All this will be implemented using a special consensus algorithm called Proof of Authority.
Earlier in 2023, in Uzbekistan, non-resident legal entities received the right to open commercial accounts banks Uzbekistan for transactions with crypto assets in the republic. According to NAPP, this creates favorable conditions for increasing their turnover. In June 2023, the agency issued a license to the first crypto-depository in the republic.[1]
2022: Uzbekistan legalizes cryptocurrency mining for legal entities
In early May 2022, President of Uzbekistan Shavkat Mirziyoyev signed a law that allowed legal entities to engage in the extraction of cryptocurrencies, but only through the use of electricity generated by solar power plants.
Mining in Uzbekistan by the beginning of May 2022 remains an unlicensed type of activity and will be subject to registration with the National Agency for Advanced Projects (this department is regulating the turnover of cryptocurrencies). You will not have to receive a license, but you can only register online. At the same time, miners are obliged to comply with all fire and sanitary standards, the document says.
When using the resources of a single energy system, miners are required to pay electricity in two times. During peak periods, the government will set surcharges on tariffs for them.
From January 1, 2023, residents of the country will have the right to sell and buy digital assets only on platforms owned by Uzbekistan-registered exchanges, mining pools, crypto stores and crypto depositories. These organizations will have to register as local enterprises and obtain licenses or certificates for mining at a government agency. At the same time, all transactions related to virtual currencies will not be taxed.
According to the law enforcement agencies of Uzbekistan, which were published in May 2022, recently cases of illegal operations with cryptocurrency have become more frequent in the country. In the republic, the sale of cryptocurrency can be carried out only through specialized crypto exchanges. At the same time, electronic systems of crypto-exchange trading should be placed on servers within Uzbekistan, individuals are allowed only the sale of cryptocurrency.[2]
2021: Central Bank of Uzbekistan: Cryptocurrency in the country will not be a means of payment
and another cryptocurrency Bitcoin cannot be a means Uzbekistan of payment in and that is unlikely to ever change. As it became known on September 13, 2021, this was reported by Spot with reference to the deputy chairman of the Central bank Uzbekistan Behzod Khamraev.
 | "As of September 2021, there are about 28 trillion soums in circulation, and all of them are provided with the assets of the Central Bank. You can even see an inscription on banknotes about the obligations of the regulator, and cryptocurrency is not provided with anything. As an economist, I can assume that it will never equate to such world currencies as the dollar, euro, yen, ruble. It is considered speculative, "he said. |  |
At the end of 2019 Uzbekistan , the law prescribed a ban on payment by cryptocurrency. The only means of payment in the country is sum.
In El Salvador, since September 7, bitcoin has become the official currency along with the dollar.[3]
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