Kyrgyzstan Partners With Binance To Launch National Stablecoin – Details
Kyrgyzstan has rolled out a national stablecoin in collaboration with the world’s biggest exchange, Binance. This action represents one of many significant developments following multiple contacts between the Central Asian nation and Binance co-founder and former CEO Zhangpeng Zhao. Related Reading: Bitcoin Whales Are On The Move: Binance Sees Explosive Growth In Inflows Amid Market […]
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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....
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....
Law enforcement authorities in Kyrgyzstan have confiscated thousands of crypto mining machines as part of a new offensive against illegal cryptocurrency mining in the country. Investigators have also identified industrial enterprises that have been supplying the bitcoin farms with electricity. Security Service Conducts Operation Against Illegal Mining in Kyrgyzstan The State Committee for National Security (GKNB), Kyrgyzstan’s organized crime-fighting agency, has recently found and raided a number of facilities mining cryptocurrency outside the law. The special operation has been....
Kyrgyzstan has suspended the SWIFT system and recommended that banking activities be halted until the severe political unrest in the country stabilizes. Massive protests broke out after parliamentary elections as the opposition stormed government buildings and forced the prime minister to resign. Suspension of SWIFT and Banking Services The National Bank of Kyrgyzstan announced on Wednesday that the SWIFT system has been suspended in the country as the political unrest intensifies. The central bank also “recommends that commercial banks and non-bank financial institutions suspend....
Kyrgyzstan has taken a concrete step toward creating a state-held reserve of crypto assets—centered, in practice, on Bitcoin—alongside government-backed mining operations. Kyrgyzstan Targets Bitcoin Reserve And State Mining At a September 9 hearing of the Zhogorku Kenesh (parliament) Committee on Budget, Economic and Fiscal Policy, Minister of Economy and Trade Bakyt Sydykov said draft amendments […]