Uzbek President Shavkat Mirziyoyev recently signed a decree on developing and integrating the blockchain technology in the administration system of the country. The decree consisted of creating an innovation center that will consist of a blockchain technology unit dedicated to innovations. In addition to the blockchain, it will also include modern technologies such as crypto mining and crypto assets with a goal of modernizing the digital economics and administration of the country.
The decree was signed on July 3 with the title, “On measures for digital economics development in the
The Republic of Uzbekistan.
The contents of the decree further shed light on the proposal stating that blockchain, supercomputers, artificial intelligence (AI) and activities related to crypto are the fundamental trends in the global market today that can significantly help in the development of the country’s digital economics section. The decree also directs the Ministry for Development of Information Technologies & Communications and the Government Office for Project Management to create and then implement a
blockchain development program within the next three years so that its application can be executed in the administration of the country.
Recently, Uzbekistan made it to the front page of the newspaper by being one of the cheapest countries in the world to mine cryptocurrency. In this effect, in a recent study conducted on the expense of cryptocurrency mining, Uzbekistan was placed third on the list as the third cheapest country for cryptocurrency mining. It is an indisputable fact that smaller countries that do not stand to lose much have significantly more to gain from the implementation of the blockchain technology than the larger developed nations of the world. Such technologies definitely come with massive scope for disruption.
However, when used prudently to the best of your advantage and in a pre-planned manner, they can attract new businesses, bring in new wealth and quickly become at par with the world leaders to create a niche for themselves on a global level.