• December 5, 2023


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Kyrgyzstan Proposes to Legalize Cryptocurrencies

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A deputy of the parliament of Kyrgyzstan, Karim Xanzheza, has called for the legalization of cryptocurrencies in the country during the meeting of the parliamentary committee on law and order and the fight against corruption.

He has advocated for the development of a legal framework for the crypto market and proposed amendments to the bill for the legalization of virtual assets.

According to Xanzheza, the country is ideally suited to take advantage of the growing popularity of cryptocurrencies. He has proposed to launch its own national digital currency. He believes that the government should focus on the development of a sovereign national digital currency, which the National Bank does not pay enough attention to.

He has also suggested creating a crypto exchange by attracting highly qualified specialists in this area, similar to how it is done in the UAE.

Kyrgyzstan considers itself a crypto friendly country that has made great progress in regulating the crypto market, since Bitcoin is considered a commodity and can legally be used for transactions.