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Uzbekistan Plans to Create National Crypto Mining Pool

Uzbekistan reportedly plans to launch a national crypto mining pool. The report claims that the national mining pool will be an incentive for foreign and domestic miners to work closely together. When miners join the pool, the nation will offer them a discount on the electricity bill.

Why the Pool

According to a local news report, the nation is creating the pool to improve the security and transparency of the nation’s crypto mining industry. Besides that, the nation aims to improve the energy efficiency of crypto mining. However, how this will happen has not been clarified.

Besides the pool, the nation will establish a crypto exchange where miners can sell the coins. It has not been clarified whether miners will be allowed to use other crypto exchanges or they will have to use this exchange.

The exchange, which has been dubbed Uznex, is going to launch next week and Kobea Group, a South Korean company, will operate it. The site has launched but it is still in beta testing. However, it does indicate that users will be charged when they withdraw funds from the exchange.

Uzbekistan and Crypto

In the nation, crypto trading is allowed. However, the nation recently created a law that will restrict crypto trading. People in the nation will only be allowed to trade on licensed exchanges. This might lead to traders only being allowed to use the government exchange.

Another order also imposed higher electricity rates for those engaged in crypto mining. As a result, this will make crypto mining in the nation unprofitable. It would seem that the government is trying to eliminate crypto trading in the nation while also promoting its exchange. This means that miners will have little choice but to join the government mining pool and exchange. If they do not, they will be unable to make a profit legally. Besides that, they might end up being arrested for failing to use government-sanctioned exchanges.

Having said that, it is unclear how the government will be able to stop crypto miners and traders from using other exchanges and mining pools.

 

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