'Nothing is growing as fast as cryptocurrency': Kyrgyz MP wants national crypto
Kyrgyzstan has regulated the crypto exchanges and the mining industry, however, there are no laws governing the circulation of cryptocurrencies in the country. Kyrgyz member of parliament (MP) Karim Khanjeza called for the legalization of cryptocurrency in the country during a parliamentary committee meeting on law and order and combating corruption.During his speech, MP Khanjeza advocated for developing a legal framework for the crypto market and suggested amendments to the draft law to incorporate virtual assets. He said, "nothing is growing as fast as cryptocurrency."He added that their....
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The National Bank of the Kyrgyz Republic, the central bank of Kyrgyzstan, has issued new statements confirming the use of bitcoin and other digital currencies as a form of payment is currently illegal under national law. Issued this July, the notice states that the only legal tender in Kyrgyzstan is the national currency, the som (KGS), and that as such, any use of bitcoin for payment violates this policy. At press time, 1 KGS was worth $0.019. The document reads: "Under the legislation of the Kyrgyz Republic, the sole legal tender on the territory of our country is the national currency....
The central bank of the Kyrgyz Republic wants to provide crypto investors with the same level of protection that is already in place in traditional finance. The National Bank of the Kyrgyz Republic, or NBKR, is reportedly planning to introduce a licensing regime for cryptocurrency exchanges in a move to protect local investors.NBKR chairman Tolkunbek Abdygulov announced that the country’s central bank is planning to start regulating exchange operations involving cryptocurrencies like Bitcoin (BTC), local economic publication Tazabek reports Feb. 12.Abdygulov said that the regulatory....
The central bank of The Kyrgyz Republic has drafted regulations that recognize cryptocurrency exchanges in the country for the first time. Kyrgyzstan’s central bank has completed the drafting of two bills designed to recognize and regulate the country’s emerging crypto sector.According to an official announcement, the National Bank of the Kyrgyz Republic has opened up the two bills, "On the Processing of Cryptocurrencies" and "On amendments to legislative acts in the field of virtual assets," to public discussion.Interested parties have until Feb. 21 to submit their comments and concerns....
Amid the growing popularity of cryptocurrencies in Kyrgyzstan, the country’s central bank has reminded citizens about the risks associated with the digital assets. The monetary authority also warned that crypto payments are illegal in the Kyrgyz Republic.
National Bank of Kyrgyzstan Urges Caution With Cryptocurrency
Cryptocurrencies and other virtual assets are increasingly spreading in Kyrgyzstan, the nation’s central bank recently noted. The regulator reminded that using them to buy or sell goods and services is still against the law, with the Kyrgyzstani som....
As the Kyrgyz government discusses raising electricity tariffs again, a former official says that crypto mining is a significant driver of the ongoing energy crisis. Amid growing concerns over the energy sector in Kyrgyzstan, a former government official has argued that cryptocurrency mining is a major factor driving the energy crisis.Daniyar Akmatov, former director of the state investment protection organization, the Investment Promotion and Protection Agency, addressed the challenges in Kyrgyzstan’s energy sector at a roundtable in Bishkek, local news agency Tazabek reports....