Uzbekistan will create a national mining pool.

Xcelpay|3 min read|Feb 4, 2020

Uzbekistan announced the creation of a single national mining pool and the state cryptocurrency exchange.

The National Project Management Agency (NAPM), the government body under the President of Uzbekistan, has unveiled its plans for the development of the digital economy for 2020.

In order to increase the efficiency of electricity use, state control and ensure transparency of crypto mining, NAPM offers miners to consolidate production in a single center. Miners will be offered preferential electricity tariffs and the ability to sell cryptocurrencies on the country’s first licensed cryptocurrency exchange.

According to regulators, the national mining pool and managed crypto-exchange will help to remove Uzbek miners from the shadow economy and make the cryptocurrency market as transparent as possible.

Earlier, Uzbekistan legalized cryptocurrency operations and introduced mandatory licensing of crypto exchanges, which attracted many private miners and crypto enthusiasts to the country. To ensure that energy companies do not incur losses, NAPM decided to increase the tariffs for miners three times.

At the end of last year, the regulator also tightened the rules for cryptocurrency users and limited the trading of crypto assets on its territory, trying to take the crypto industry under full state control.

If you are travelling to Uzbekistan and want to use your cryptocurrencies a good way to use them would be to book your stay and flights to Uzbekistan with XcelTrip and top up your local mobile phone plan on XcelPay Wallet.

XcelPay Wallet is a merchant POS, digital payment wallet and crypto payment gateway. XcelPay Wallet is integrated into an easy to use, crypto wallet that is empowered for both mobile and tablet use, makes sure that transferring and receiving payments in crypto is a secure process. XcelPay Wallet aims to cut out undesirable middlemen, bank/card transaction fees, currency conversion fees that produce a negative effect on the retailer’s and consumer’s margins. The Wallet allows you to top-up mobile phone plans with Ethereum and Bitcoin.


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