The government of Uzbekistan will reportedly allow local firms to mine digital assets using solar energy. It will also exempt all crypto mining operators from paying income tax.The Central Asian country does not stand as a crypto-friendly destination. At the end of 2019, the authoritiesNearly a year ago, the former Soviet republic contemplated a U-turn and lifting some of its restrictions.
However, according to current laws, Uzbeks are still prohibited from buying bitcoin or altcoins, while the legislation does not apply to foreigners.by Reuters revealed that the government has now turned its focus toward the digital asset mining industry. The authorities have proposed that Uzbek miners should start powering their supercomputers with solar panels. Those who do so will pay less for electricity, while businesses connected to the power grid will pay double the regular price.
Speaking on the possible expansion was Gleb Kostarev – Eastern European Director of Binance. He stated that the platform’s goal is to secure regulatory approval wherever regulations allow it. Kostarev added that people in Uzbekistan are “loyal” to the crypto sector, and as such, the trading venue might pick it as a destination:
“In Ukraine, Kazakhstan, and Uzbekistan, they are more loyal to cryptocurrencies and are taking steps towards liberalization rather than restriction.” It is worth noting that Uzbekistan’s northern neighbor – Kazakhstan – is a well-known name in the digital asset industry, and more specifically in mining. It
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