News Uzbekistan Increases Electricity Tariffs for Cryptocurrency Miners

Uzbekistan Increases Electricity Tariffs for Cryptocurrency Miners

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The legislature of the Republic of Uzbekistan has expanded power levies for digital money excavators by multiple times.

In accordance with the Decree of the  President of the Republic of Uzbekistan dated August 22, 2019 No. PP-4422 “On Accelerated Measures to Improve Energy Efficiency of Economic Sectors and Social Spheres, Implement Energy Saving Technologies and Develop Renewable Energy Sources” and to further stimulate energy saving and increase energy efficiency in economic sectors and the social sphere, as well as motivating the rational use of electric energy by consumers, the Cabinet of Ministers decides that consumers, regardless of the connected capacity, carrying out activities on crypto assets, including mining (activities to maintain and create new blocks with the ability to receive remuneration in the form of new units and commission fees in various cryptocurrencies), pay for electricity using an increase factor in 3.0 times the established tariff of the corresponding tariff group.

As indicated by a declaration, the Cabinet of Ministers of the Republic of Uzbekistan has endorsed alterations to the principles for the utilization of electricity.

Another news website announced a year ago that Mirziyoyev arranged the setup of a state blockchain advancement finance, the “Digital Trust.” The goal was to execute blockchain innovation in different government undertakings, for example, human services, training, and social zones.

The nation has likewise sanctioned crypto exchanging and mining, and made crypto exchanging tax exempted. According to the law, remote nationals are permitted to exchange digital currencies Uzbekistan just by means of an auxiliary set up in the nation.

In the interim, the legislature of Iran has chosen to slice capacity to crypto miners until new energy costs were endorsed. Iranian specialists seized around 1,000 bitcoin mining machines from two relinquished production lines. The crackdown began after the June saw an expansion in power requests by up to 7%.

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