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Monday 30 September 2019

Uzbekistan Triples Electricity Tax on Crypto Mining


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(CoinGeek) — On September 27, the government of Uzbekistan announced that they will be increasing the electricity taxes for those mining for cryptocurrencies by 300%. In an announcement, the Cabinet of Ministers ordered that these mining operations will see this dramatic increase take effect immediately.

This new tax appears to have come from an August 22, 2019 decree issued by President ShavkatMirziyoyev called On Accelerated Measures to Improve Energy Efficiency of Economic Sectors and the Social Sphere, Implement Energy Saving Technologies and Develop Renewable Energy Sources. The purpose of this provision was to motivate consumers to use electrical energy in more efficient and intelligent ways.

In September 2018, the president ordered that a new blockchain-based development fund be established. The Digital Trust was created to integrate several government projects, including education, healthcare, and cultural endeavors. Its purpose was to also oversee international investment as the country looks to move into a digital economy. This came at the same time that Uzbekistan officially authorized the trading of crypto assets. It was made illegal for the first time and was also tax-free. This led many to begin digital mining operations.

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