Uzbekistan Plans to Create a National Mining Pool and Launching Licensed Exchange

News / 16.01.2020

The Uzbekistan government has revealed its plans in the upcoming regulation plans on digital currency trading and the blockchain technologies implementation that should be done this year. The announcement came through a press conference conducted on Monday by the National Agency of Project Management (NAPM). Based on the information provided, it is believed that the mining pool will aid both foreign and domestic miners through functioning capabilities as consolidation. 

National Agency of Project Management’s Claims

The NAPM continues to put more effort into achieving an effective economic status by making transparency and better security for cryptocurrency mining in the country based on the local news’s Spot outlets. Also, the NAPM anticipates better upgrades and developments regarding better energy efficiency that can be utilized in this sector, in turn improving foreign investments in the country.

Based on these efforts conducted by the agency, the primary approach employed is illustrated in its tries to improve the digital currency mining industry through the initiation of a national mining pool. The second approach is significantly targeted and achieved by launching and implementing the first licensed crypto assets exchange set to be done in the next week. The agency’s major function is based on the mining firms’ regulations in trading crypto coins that would be obtained through the digital currency transaction processes. 

Presidential Decree

The scheduled opening of Uzenx based in Tashkent is to be on the 20th of January, where the platform would be under the Kobea Group operations, also taking note of the beta website used that illustrates the various trading pairs that include USDT and also BTC. In light of this realization, the Uzbekistan president decreed and signed off the legalization of cryptocurrency trading and the introduction of digital assets exchange licensing in September 2018. 

Before this, the president had already made another decree in July 2018 that initially paved the way towards the preparation of legal grounds for trading activities that were generally related to digital currencies and blockchain technologies implementation in the country. Regardless of all these efforts, the government still supports negative actions that could diminish cryptocurrencies’ trading. Its illustration is from the reports on the regulatory regime amended to restrict these crypto-assets’ utilization by individuals in the private sectors.  

Sudarshan M is a long time crypto-enthusiast. Pulled in by bitcoin early on, it did not take long for Sudarshan to divert all of his academic attention from business studies to blockchain by doing his Masters and eventually pursuing his PhD in the subject.