Deputy of the Parliament of Kyrgyzstan Karim Xanzheza called for the legalization of cryptocurrencies in the country. He believes that the country is ideally suited to take advantage of the growing popularity of crypto assets, and proposed to launch its own national digital currency.
Karim also advocated the creation of a crypto-hob by attracting highly qualified specialists in this area (similar to how they do it in the UAE).
In his speech, Deputy Khanzheza advocated the development of a legal framework for the crypto market and proposed amendments to the bill to include virtual assets. He said: “Nothing grows as fast as cryptocurrency.”
He added that the country is ideally suited to take advantage of the growing popularity of cryptocurrencies and suggested launching its own national cryptocurrency. The deputy said that the government should focus on developing a sovereign national digital currency, which the National Bank does not pay attention to, according to a local daily newspaper.
In August 2021, the government introduced a national crypto system for crypto exchanges, giving them legal status in the country. However, there are no laws regulating the circulation of cryptocurrencies, there is only a draft law “On the circulation of cryptocurrencies” proposed by the National Bank.
The Kyrgyz government began work on regulating the crypto mining industry back in 2020, but a growing energy crisis fueled by illegal crypto mining led to a wave of crackdowns last year.
Most countries that support cryptocurrencies, including Kazakhstan and Iran, have faced similar energy crises due to illegal mining of cryptocurrencies.
Source: ixbt
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