Kyrgyz MP proposes to launch a national digital currency

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Last updated March 30, 2022

Kyrgyzstan seems closer to seeing the circulation of cryptocurrencies in the country at a better level.

Kyrgyzstan is a crypto-friendly country, but laws are not enough to boost the circulation of cryptocurrencies in the country. Under the proposed crypto law, all crypto companies are perfectly regulated and crypto mining industry is also included to carry out mining activities in the country. But lack of legality about the improved circulation of digital assets, the crypto and blockchain industry is not evolving any faster.

Karim Khanjeza, Member of Parliament (MP) in Kyrgyzstan, has made statements in favor of a friendlier crypto regulatory framework.

During the parliamentary committee meeting on law and order and the fight against corruption, Karim said there is a need for changes that can incorporate the virtual asset market, because “nothing grows as fast as cryptocurrency”.

The MP also said that the country is currently in a situation where it can profit from cryptocurrencies and also suggested the idea of ‚Äč‚Äčlaunching the country’s own digital currency.

The MP noted that the national digital currency should be developed by the country and should be overlooked by the National Bank. Through this statement, MP claimed to be working on the Central Bank Digital Currency (CBDCs) to create a digital form of the country’s sovereign fiat currency.

This Central Asian nation considered itself a very crypto-friendly country because the laws and regulations of the country allow Bitcoin transactions under the Commodities Act. The law of the land regarded Bitcoin as a commodity. However, it may be strange for some people from other countries, yet it is much better than the rules that exist in some other countries where transactions of Bitcoin-like assets in the form of payment are illegal.

Last year, Kyrgyzstan’s crypto industry saw some tough measures against crypto mining activities due to a significant increase in illegal mining activities, resulting in an energy crisis.

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