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Uzbekistan to launch national mining pool and licensed cryptocurrency exchange

Image by Henrik Berger Jørgensen from Flickr

Fri, 17 Jan 2020, 04:46 am UTC

Uzbekistan is planning to launch a national mining pool and a licensed cryptocurrency exchange, reported citing a report from local news outlet Spot.

During a conference on Monday, the National Agency for Project Management (NAPM) shared its crypto trading and blockchain plans for 2020. The agency shared that miners who join the mining pool will benefit from lower electricity rates.

The planned national cryptocurrency pool will aim to consolidate the capacities of both domestic and foreign miners at the national level. The agency decided to push this move to bolster the transparency and security of cryptocurrency mining in Uzbekistan. It also hopes that this will improve energy efficiency in the domestic crypto mining industry.

NAPM is convinced that this will make the Soviet Republic more appealing to potential foreign investors. They are also hoping that this move will help crypto miners succeed.

Also, crypto trading platform Uznex will be launching officially on Monday. Currently in beta, the platform is operated by South Korean Kobea Group and offers seven trading pairs with bitcoin core (BTC) and stablecoin tether (USDT), including BCH/BTC and BCH/USDT. The exchange is located in Tashkent.

In September 2019, the Republic of Uzbekistan increased electricity tariffs for crypto miners by three times. The Cabinet of Ministers approved the amendment following the decree from President Shavkat Mirziyoyev in August titled “On Accelerated Measures to Improve Energy Efficiency of Economic Sectors and the Social Sphere, Implement Energy Saving Technologies and Develop Renewable Energy Sources.”

Uzbekistan legalized cryptocurrency trading and introduced licensing regime for cryptocurrency exchanges back in September 2018 as President Mirziyoyev signed a special decree to that effect.

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