South Korea to invest in implementation of blockchain technology in Uzbekistan
Baku, Azerbaijan, July 13
By Fikret Dolukhanov – Trend:
The Ministry for Development of Information Technologies and Communications (MITC) of Uzbekistan and the South Korean company NCG Engineering will expand investment cooperation in development of the digital economy, including implementation of blockchain technology, the MITC reported.
The relevant discussions were held during the meeting between representatives of the MITC with Chairman of the South Korean company Jang Il Kwon, who is also the founder of Eurabit LLC.
The parties agreed to organize a presentation of solutions of the Korean company for the specialists of the MITC and other interested departments in the near future.
It was earlier reported that the South Korean Association of Blockchain Entrepreneurs will help the National Project Management Agency (NPMA) under the President of Uzbekistan in implementing blockchain technology in the state economy, Uzbek media reported, referring to the Uzbek president’s corresponding decree, published on the website of the national legislative base of Uzbekistan.
Uzbek President Shavkat Mirziyoyev earlier signed a decree providing for introduction of licensing of activities in the crypto-market in Uzbekistan since Oct. 1 and introduction of blockchain technology from 2021 to the activities of government agencies, as well as to be used in clearing operations, in payments, trade financing and projects lending. NPMA has become an authorized agency to license activities in turnover of crypto-assets.
According to the International Business Times rating published in January 2018, Uzbekistan was among the top three countries in terms of effectiveness of mining of crypto-currencies. Cost of production of one bitcoin in Uzbekistan is $1,790,000. The first place is held by Venezuela with $531 per bitcoin, followed by Trinidad and Tobago with $1,190,000.
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