June 6, 2023

Uzbekistan will create a national mining pool and launch a licensed exchange

Uzbekistan will create a national mining pool and launch a licensed exchange

The creation of a “national mining pool” was declared a priority development direction in Uzbekistan. Miners who join the pool will receiveprivileges in the form of lowered tariffs for electricity. This was announced by the National Project Management Agency, which controls the crypto industry. The country is also preparing to launch a licensed cryptoexchange where miners will be able to sell mined coins.

This week the National Agency forproject management, the government body under the President of Uzbekistan, announced its plans for 2020 to regulate cryptocurrencies and introduce blockchain technology. During the press conference, details were disclosed regarding the launch of the mining pool, due to which the capacity of domestic and foreign miners will be able to consolidate at the national level.

According to the local Spot News Agency,The main motivation for the agency’s decision is to ensure economic efficiency and increase the transparency and security of cryptocurrency mining in the country.

Creating a national mining pool is alsois part of the agency’s efforts to pull miners out of the shadow economy. One of them will be the launch of the country's first licensed exchange on which companies can sell mined digital coins.

Uznex, the platform operated by the South Korean Kobea Group, will be launched on Monday, January 20. The exchange is currently in beta testing and supports seven trading pairs.

Recall that in September 2018 the governmentUzbekistan legalized cryptocurrency trading and introduced licensing by a special decree signed by President Shavkat Mirziyoyev. Another decree issued in July of the same year provided the legal basis for activities related to cryptocurrencies and blockchain. At the same time, according to local media reports, in early December, the regulator issued an order effectively prohibiting citizens of Uzbekistan from buying and selling cryptocurrency. They will be allowed to sell coins only on licensed exchanges of the country.