The prime minister of Kyrgyzstan, Karim Khanjeza, moved to legalize cryptocurrency. During a meeting with the parliamentary committee on law and order, he endorsed regulation on the country’s crypto market and suggested law modifications to incorporate digital assets.
He commented on the growing field of cryptocurrencies and the crypto regulations in India:
“Nothing is growing as fast as cryptocurrency. India has already announced that it will become a global hub for virtual assets.”
The prime minister stated that his country is ready to launch its own national cryptocurrency. Khanjeza further suggested that the government focus on developing the national cryptocurrency supervised by the national bank.
The central Asian country is relatively crypto-friendly and has seen many advancements in the industry. Bitcoin is considered a commodity in Kyrgyzstan, and transactions are permitted under national laws.
In August 2021, the government legalized and introduced regulations for crypto exchanges. However, there are no laws that regulate cryptocurrency circulation at the moment.
On the Flipside
- The rising crypto adoption and mining in Kyrgyzstan has resulted in an unprecedented energy crisis in the country.