Uzbekistan Unveils Plan for Cryptocurrency Mining Hub

Uzbekistan has taken another step towards embracing the world of cryptocurrencies. The country's President Shavkat Mirziyoyev has signed a decree to establish the Besqala Mining Valley, a special zone for cryptocurrency mining in Karakalpakstan.

The project is expected to drive the development of 'green' energy-based mining and attract significant investment to the region. Miners will be allowed to use both the general power grid and alternative sources, including hydrogen stations.

One notable feature of the initiative is that excess heat from the farms can be redirected by residents to heat greenhouses, highlighting the potential for cross-industry collaboration.

Miners have been granted the right to sell cryptocurrency on local and foreign exchanges or through direct transactions. Revenue generated will be credited to accounts in Uzbek banks until January 1, 2035, at which point it will be subject to taxation.