Uzbekistan and Belarus Turn To South Korea To Learn More About Cryptos

Uzbekistan and Belarus Turn To South Korea To Learn More About Cryptos

September 10, 2018 0 By Austin Patel

Its undeniable South Korea has emerged as one of the countries with the most developed Crypto industries. Uzbekistan and Belarus are looking to benefit from Seoul’s Cryptocurrency expertise and are working towards warming their ties with the East Asian country. Belarus has recently established itself as a leading Cryptocurrency-friendly destination in the former Soviet Union region while Cryptocurrency trading has recently been legalized in Uzbekistan.

Uzbekistan To Introduce A National Cryptocurrency Exchange

Recently, Uzbekistan has become one of the Crypto-friendly countries after legalizing the trading of the virtual currencies. Foreign Cryptocurrency exchanges now have the opportunity to apply for licenses to operate in the country. The country is now working towards launching its national digital assets trading platform. Spot news outlet reported that the country’s authorities are already working with their counterparts from the Korean Blockchain Business Association (KOBEA) to realize this dream.

The two sides will together in a project named Uzbekistan Revolution 4.0 which will include establishing blockchain and Cryptocurrency industry in the Central Asian country. The country has established the National Agency for Project Management to oversee the project. Moreover, the agency will also be responsible for licensing Crypto trading. The regulator will work with KOBEA in the project.

The collaboration between the two countries will also see Uzbekistan establish a blockchain academy and a Cryptocurrency mining center. The country will also benefit from KOBEA’s vast experience in Cryptocurrency and get technical advice in other related areas such as the creation of a research complex, the use of virtual currencies, establishing a local Crypto mining sector, and legalization of ICOs among others. Uzbekistan government is also planning to introduce Crypto-related courses in the country with the assistance from the South Korean agency.

Belarus Targeting South Korean Investors

Recently, Belarus has joined a list of Crypto-friendly countries such as Japan and South Korea. Alexander Lukashenko issued a presidential decree that led to the establishment of favorable Crypto regulations and tax breaks. The country has chosen to work with South Korea, as it is aware of Seoul’s experience in the fintech sector. The former Soviet republic has taken several measures to woo investors from the country.

According to the South Korean Joongang Daily, Belarus recently expressed the need to strengthen their cooperation with South Korean businesspersons. In a visit to Seoul, Belarusian diplomats said they would like to see the investors in the East Asian country take part in blockchain and fintech projects in their country.

South Korea-Belarus Business Ties

South Korea and Belarus are close business partners, especially in the high-tech space. Seoul buys IT products and electronics from Belarus while the latter imports lasers, optical instruments, and semiconductors from the former. Consequently, it will not be a challenge for the two countries to work on the Crypto project.

The decision by Uzbekistan and Belarus to work with South Korean is an indicator that more countries have started to realize the potential of Cryptocurrencies. The move by the two former Soviet republics will see an increase in the use of the virtual currencies and the blockchain technology in their respective countries and beyond. It will be interesting to see if more countries will join the sector.