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Uzbekistan introducing blockchain technology into its economy

05 July 2018 [17:45] - TODAY.AZ

By  Trend


President of Uzbekistan Shavkat Mirziyoyev signed a resolution on measures to develop the digital economy on July 3, "Gazeta.uz" wrote July 4.

The resolution defines the most important tasks for the development of digital economy: the introduction and development of activities in the field of turnover of crypto assets, including mining (activities to maintain the distribution platform and create new blocks with the ability to receive rewards in the format of new units and fees in various cryptocurrencies), smart contracts (contract in electronic form, execution of the rights and obligations on which is carried out by making digital transactions automatically), consulting, emission, exchange, storage, distribution, management, insurance, crowdfunding (collective financing), as well as "blockchain" technologies for diversification of various forms of investment and business activities; training of qualified personnel in the development and use of "blockchain" technologies with practical working skills with the use of modern ICT; comprehensive development of cooperation with international and foreign organizations regarding crypto-assets and the blockchain technology, hiring of highly qualified foreign specialists for development of "blockchain" technology for the joint implementation of projects in the digital economy; creating the necessary legal framework for the implementation of the "blockchain" technology, taking into consideration the advanced experience of foreign countries; and ensuring close cooperation of state bodies and business entities in the field of implementation of innovative ideas, technologies and developments for the further development of the digital economy.

According to the document, the National Project Management Agency (NPMA) under the president becomes the authorized body in the field of implementation and development of the digital economy. The agency will determine the areas of activity in which the blockchain will be implemented. In addition, the draft legal acts, providing for the development of the digital economy and the introduction of the blockchain, are subject to mandatory examination in NPMA.

Transactions of legal entities and individuals related to the turnover of crypto assets, including those carried out by non-residents, are not subject to taxation, and income received from these transactions is not included in the tax base for taxes and other mandatory payments.

Currency transactions related to the turnover of crypto assets and carried out by persons licensed to do so will not be subject to the provisions of the legislation on currency regulation.

NPMA and the Ministry for Development of Information Technologies and Communications of the Republic of Uzbekistan were instructed to develop and implement the Program for the Development of the Blockchain in 2018-2020. It should provide for the introduction and development of activities in the field of turnover of crypto assets, including the possibility of sale of crypto assets in local and international crypto-exchanges.

The program will provide for the introduction of blockchain technologies in the activities of state bodies from January 1, 2021, and particularly in the implementation of public procurement, the provision of public services and verification of personal information, and the maintenance of state registers and classifiers. Blockchain will also be implemented in the system of corporate governance of large commercial organizations with the predominant participation of the state in the authorized fund, as well as for improvement of business processes, optimization of production, and administrative and operational processes and introduction of modern management and resource management methods.

The blockchain is expected to be used in clearing operations during implementation of payments, trade financing and project lending.

The activities in the field of turnover of crypto assets, including the creation of crypto-exchanges for trade in crypto-assets, will be subject to licensing since October 1. The NPMA has been appointed as the authorized licensing body.

NPMA and the Ministry for Development of Information Technologies and Communications have been charged with making proposals for the creation of conditions for development of activities in the area of crypto assets within a month.

A draft law "on digital economy and blockchain technologies" which provides for the basic concepts in the field of blockchain technologies and the principles of its functioning; the authorities of state bodies, as well as participants of the processes in the field of blockchain technologies; and sanctions in case of using blockchain technologies for illegal purposes should be developed before January 1, 2019.

Uzbekenergo JSC and Uzbekgidroenergo JSC companies were instructed to prepare proposals for the launch of a pilot project based on elements of the digital economy and activities on crypto assets (including mining) within three months.

The shares in the authorized fund owned by the Directorate of the Innovation Center for Support of Development and Implementation of Information Technologies Mirzo Ulugbek Innovation Center have been transferred to NPMA.

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