The government of Uzbekistan has announced that it will allow local firms in the country to mine Bitcoin using solar energy. Furthermore, the government has announced that it will exempt all crypto mining operators from paying income tax.
Uzbekistan Legalizes Bitcoin Mining
Uzbekistan will allow companies to mine cryptocurrencies using solar energy, according to a presidential decree released this week. It will exempt all crypto transactions of domestic and foreign companies from income tax.
The Tashkent government wants companies to mine Bitcoin by installing their own solar panels.
However, mining companies will be able to connect to the electricity grid if they pay twice the normal price. However, according to the decree, additional fees may be charged during periods of high consumption.
The document stated that no license is required for mining, but that the company must be registered by the newly established National Agency for Uzbek Perspective Projects.
Kazakhstan, which has become the second largest Bitcoin mining center in the world after the United States, has begun shutting down illegal mining sites after such operations strained the power grid dominated by aging coal plants.
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