the Development of Information Technologies and Communications has developed and implemented Programs for the Development of Blockchain Technologies in Uzbekistan.Formation of the Uzbekistan Blockchain Valley Regulatory Sandbox for the Development of Digital Technologies in order to test and implement pilot projects in the implementation of blockchain technology, turnover of crypto assets and the creation of the National Mining Pool "Uzbekistan Cryptocurrency Mining Pool" provides opportunities to further develop the Cryptocurrency platform in Uzbekistan. Uzbekistan Government has also established the world’s first cryptocurrency exchange authorized by a government, where miners will be able to sell the coins they have minted.Government also facilitates foreign citizens who have entered into an employment agreement with a resident of the Regulatory Sandbox are not required to obtain special permits for employment in the territory of the Republic of Uzbekistan.The Ministry of Finance and the State Tax Committee of the Republic of Uzbekistan, has approved the Temporary Procedure for maintaining separate accounting of transactions related to the turnover of crypto assets.Under the National Mining Pool program the government of Uzbekistan incentivize domestic and foreign miners to work together,Miners that join the pool will allegedly receive discounted electricity rates.The Republic of Uzbekistan believes that Cryptocurrency could reduce the cost of international transfer,including remittances,and foster financial inclusion ,therefore The Republic of Uzbekistan exempt the whole system from any kind of taxation and hopes that this will attract more Foreign and Domestic investment in this field.
Cryptocurrency has the potential to be the Currency of the future world. Cryptocurrency is by far the most ananonyms and liberal form of currency,but we cannot neglect the fact that it is still not a stable currency for day to day transactions and much more work is yet to be done regarding consumer protection in case of theft and loss.Furthermore the monetary policies needs to be reformed,so that positive approach can be adapted in establishing Cryptocurrency in mainstream transactions.Innovation in Cryptocurrency is not possible without proper support from the national and international governing bodies therefore Regulatory framework for transaction and legitimacy of crypto assets is of utmost priority,but it should be designed in a way that shall not hinder the innovation with Cryptocurrency. Further development of virtual currencies that use public distributed ledgers raises questions about the role of central banks and the possible implications for financial stability in such cases central banks introducing their own cryptocurrency can be a possible solution to maintain financial stability and to prove the role of banks in distributed ledger technology.
Cyberattacks on virtual currency is another issue that needs to be addressed in order to make cryptocurrency secure the framework needs to be built in such a way that ensures the protection of institutions regulating and mining cryptocurrencies as well as consumers who possess it as assets.Solutions to such issues can only be achieved if experts from cybersecurity,Information technology,banking and financial systems work in collaboration .Many countries hold neutral stand towards cryptocurrency ,but with time this form of currency is going to get deep in social and private sectors irrespective of the international borders ,if we fail to provide possible solutions,in near future any attack on Cryptocurrency may be a reason for economic and social disbalance in any country. Terror funding, Involvement of Cryptocurrency in buying illegal goods ,drug trafficking etc.are some of the issues that needs to be countered immediately by establishing an international organization with the support of member countries .The organisation will be responsible for the formation of a workforce specialized in tracing and uprooting such illegal activities and holding the people accountable for such crimes within the laws of that particular country.
The Republic of Uzbekistan believes that Cryptocurrency has potential to bring constructive reforms in the field of Banking and Finance.We cannot underestimate this opportunity as not being a part of tomorrow's Future with time Crypto assets will embed its roots deep in national and international financial systems making it almost impossibly for us to achieve development without considering it Monetary Policies .
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Uzbekistan reportedly eyes national cryptocurrency mining pool- Uzbekistan reportedly eyes national cryptocurrency mining pool
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