Uzbekistan going Crypto Crazy?

It looks like landlocked Central Asian country Uzbekistan is getting into the spirit of cryptocurrency! According to reports, their government has collected over $300,000 from the cryptocurrency sector, which is quite a feat considering it has only just started to show interest in digital currency.

What sets them apart from other countries?

It appears that what sets Uzbekistan apart from other countries is their forward-thinking tax policy for cryptocurrency businesses. Under the new law, all entities engaging in digital currency activities within Uzbekistan have to pay a 5% tax on profits, no matter what the level of trading or capital gains may be.

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So what’s the big deal?

Well, firstly the $300,000 is the first real income the government has made from crypto, which is no mean feat. Secondly, it shows they are serious about supporting the crypto economy, which is something many countries are yet to do.

What’s next for Uzbekistan?

The Uzbek government has come up with a few ideas to further incentivise crypto usage, such as:

  • Setting up legal mining farms – mining farms are currently banned in the country, however, the government is looking at setting up its own ones to encourage growth.
  • Creating legal cryptocurrency exchanges – exchanges provide the foundations for effective crypto trading in a country, so creating some is key.
  • Educating and promoting crypto usage – the more people know about digital currency, the more likely they are to engage in it. Currently the government is looking at ways to teach people about the benefits of crypto and some of the risks that come with it.

It looks like Uzbekistan could become one of the first countries to establish a true crypto economy, and if their current success is anything to go by, it might not be long before other countries follow suit.

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