Kyrgyz Parliamentarian (MP) Karim Kanjeza called for the legalization of the country’s cryptocurrency at a parliamentary committee meeting on law and order and the fight against corruption.
In his speech, MP Khanjeza advocated the development of a legal framework for the crypto market and proposed amendments to the bill to incorporate virtual assets. “Nothing is growing as fast as cryptocurrencies,” he said.
He added that their country is in a perfect position to take advantage of the growing popularity of cryptocurrencies and suggested launching a cryptocurrency for their own country. He said the government should focus on the development of the Sovereign national digital currency, which the national banks have overlooked. report Local everyday.
He also advocated building a crypto hub in the country by hiring talented experts in this field. This is a strategy such as the United Arab Emirates to become a regional hub for the growing crypto market.
Central Asian countries have established themselves as one of the crypto-friendly countries that have made great strides in market regulation. Bitcoin is considered a commodity and is permitted to be mined and traded under the Commodity Act.
In August 2021, the government National Cryptographic Framework for Cryptographic Exchange, Give them legal status in the country. However, there is no law that regulates the circulation of cryptocurrencies, only the “Cryptocurrency Rotation” bill. suggestion According to the National Bank.
The Kyrgyz government Cryptocurrency industry regulations But as early as 2020, there will be an increasing energy crisis. Illegal crypto mining Last year it led to some crackdowns.Most crypto mining countries, including Kazakhstan and Iran, faced a similar energy crisis due to illegal crypto mining.