Green cryptocurrency mining legalized in Uzbekistan

Uzbekistan approved mining using solar energy. The corresponding law was signed by the President of the country.

The document says that the country will encourage the installation of solar panels for mining. Those who continue to use the electricity connection will pay twice as much for the energy they use. Additional charges may apply during peak periods.

According to Reuters, both domestic and foreign companies will be able to mine cryptocurrencies without a license. However, the company must be registered with a newly created IT agency. Income will not be taxed.

Recall that Uzbekistan is a crypto-friendly country. Cryptocurrency trading here received legal status back in 2018. True, only on domestic platforms.

To reduce the load from mining in the country, energy systems are massively modernized. The authorities have also launched a number of projects to create facilities that generate energy from renewable sources.

The country has already built one large solar power plant out of four planned. The 100 megawatt plant was launched in August 2021. In total, in the coming years, it is planned to build another 18 facilities that generate electricity using solar and wind energy.

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