The cryptocurrency industry has suddenly become of great interest to a lot of countries. So much even that Uzbekistan now wants to legalize crypto mining through a nationalized venture.
It is the first time the government of Uzbekistan introduces such a bold venture.
A Different Approach in Uzbekistan
Their vision is quite simple to explain.
Rather than prohibiting crypto activity in the country, the government of Uzbekistan aims to legalize cryptocurrency, primarily the mining aspect.
This will be done through a national mining pool, as well as a national digital asset exchange.
This proposal was put forward by the National Agency for project Management, or NAPM.
There will be benefits for people who use the nationalized mining pool.
They will allegedly be able to obtain electricity at a discounted rate.
It is very similar to how some countries provide government-subsidized electricity in certain regions.
Where the electricity will come from exactly, remains unclear at this time.
Regarding the digital asset exchange, it will be designed primarily for the miners themselves.
Through this platform, they can sell any coins they minted and want to convert to local fiat currency.
It is expected that this trading platform will launch as early as next week under the Uznex banner.
All of these changes can have a prominent impact on the cryptocurrency industry across Uzbekistan.