The President of Uzbekistan Shavkat Mirziyoyev endorsed a decree to create a center for innovation, with a unit that will focus on the ways Blockchain technology can be used for innovation.
By June 2018, under the Mirzo Ulugbek Innovation Center, a Blockchain center will be formed, which will focus on using the distributed ledger technology to improve various, potentially outdated processes. The center will also focus on increasing the potential of new technologies, on supporting national blockchain developers, among other things, according to Uznews, a news outlet focusing on Central Asia.
The document was developed under the President’s Decree “on measures to further improve the sphere of information technologies and communications”.
The document also outlines that Uzbekistan will be actively developing and integrating payment systems, including international systems such as PayPal, Alipay, Visa, MasterCard, etc. A set of measures is said to be laid out by June 1, 2018.
It is a well known fact by now that the distributed ledger technology is one of the most disruptive innovations of this century, and many countries have been indecisive with their views of these technologies. China, for example, has been on a loop, with rumors going from “China is banning Bitcoin” to “China is unbanning Bitcoin” — causing further uncertainty and wild fluctuations in cryptocurrency prices in relation to the Dollar and other fiat currencies. India and Russia have also been indecisive, and mostly harsh with cryptocurrency regulation.
Several smaller countries, however, have been giving hope to cryptocurrency enthusiasts. Belarus, for example, recently adopted a cryptocurrency law to woo foreign investors, promising no taxes on cryptocurrency profits, along with many other advantages. Spain is also actively trying to pass crypto-friendly laws to attract the new wealth and new businesses into the country. Creating a friendly environment for ICOs, or Initial Coin Offerings, is also one of the main goals of Spain’s ruling political party.
Uzbekistan has also made headlines recently as one of the cheapest countries to mine cryptocurrency. Uzbekistan placed third in a recent study of cryptocurrency mining expenses. According to International Business Times, it costs about $1,790 to mine a single Bitcoin in the country.
Smaller countries with not much to lose have a lot to gain with Blockchain technology. Such technologies have a high disruptive potential and with the right plan of action, they can create a favorable environment to attract new wealth, new businesses, and quickly catch up with other world leaders who are slower to evolve.
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