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Uzbekistan to establish government-licensed cryptocurrency exchange

The government of Uzbekistan is seeking to establish the country’s first government-approved cryptocurrency exchange.

Uzbekistan Sovereign Wealth Fund (SWF) will be visiting South Korea this month to participate in ‘Blockchain Knowledge Forum' hosted by TokenPost Korea and Real Estate Blockchain Institute, in association with Real estate Blockchain Expo 2018 (RBE)’ – an annual event hosted by Korea Economic Daily, which will be held on September 19 to 21.

RBE is the world’s first international expo focused on real estate blockchain. This year’s event will be co-hosted by Korea Economic Daily, Korea Real Estate Research Institute (KED) and Real Estate Blockchain Institute. It will take place simultaneously with ‘Realty Expo Korea (REK)’.

The two events will encompass over 180 private and public companies from more than 20 countries worldwide. The number of investors and visitors attending the event is expected to exceed 40,000 – four times compared to the number of attendees last year.

In an official announcement, RBE 2018 operations office said that the investment delegates of the Uzbekistan government have registered for the event. It marks the first instance where a minister-level government official has formed a dedicated investment delegate team to attend RBE.

Alexandre Tenn, president of ‘Digital Trust’, Uzbekistan Sovereign Wealth Fund, was appointed as the chief executive delegate of the Uzbekistan government. The government officials plan to disclose detailed information on ‘Blockchain Smart City’ development plan along with the government’s future policies to promote the growth of blockchain projects.

In addition, the team also plans to announce the government’s ‘Digital Economic Development plan’, ‘Open-door policy on Blockchain’ and ‘Hub Strategy’, strongly backed by President Mirziyoyev himself, to investors across the globe to secure potential investments. In line with the goal of positioning the country as a ‘blockchain hub’, there are plans to establish the world’s first ‘National Cryptocurrency exchange’.

Together with ‘Kor-UZB National Economic Association (KOBEA)’, the team will set up a sponsorship booth during the expo to attract potential investors. RBE operations office has selected KOBEA as the official ‘organizing partner’ of RBE 2018 and agreed to continue the discussion on the possibilities of cooperation on future blockchain developments.

The Uzbekistan government has stood on the forefront of blockchain and cryptocurrency by legalizing internal and external cryptocurrency trades from both private and corporate investors. Recently, in order to foster the development of the blockchain industry, the government also released policies regarding.

  • Private cooperative investment
  • Cultivation of Professionals‧ Foreign expert recruit program
  • Foreign Technical support partnership.

Following the enactment of these policies, the National Association of Project Management (NAPM) was established while KOBEA was selected as the executive operations advisor of the national projects. The investment delegate team claimed that ‘Real Estate Blockchain Expo 2018’ was chosen as the kick-starter in introducing the world to the aforementioned policies of the Uzbekistan government.

KOBEA and the government of Uzbekistan have signed a Memorandum of Understanding (MOU) to set up the country’s first government-licensed crypto exchange, CCN reported referring to a report from ETNews.

“The Uzbekistan delegates will disclose detailed plans on ‘The Establishment of National Cryptocurrency Exchange and the Development of Digital Economy’ and seek potential partners for future funding,” Kim Chul, Head of Blockchain Real Estate Institute, said in a statement.

In accordance with the official participation of RBE 2018, the Uzbekistan government also revealed intentions to hold the ‘International Blockchain Forum’ in Tashkent in the coming future.

Early-bird registration is available to interested parties through this event webpage.

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