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Kyrgyz MP wants a national crypto

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Kyrgyz Parliament Member (MP) Karim Khanjeza called for the legalization of cryptocurrency in the country during a parliamentary law and order and anti-corruption committee meeting.

During his speech, MP Khanjeza advocated the development of a legal framework for the crypto market and proposed amendments to the draft law to include virtual assets. He said, “Nothing is growing as fast as cryptocurrency.”

He added that their country is perfectly positioned to benefit from the growing crypto popularity and suggested launching their own national cryptocurrency. He said the government should focus on developing a sovereign national digital currency, which is being overlooked by the national bank. reported a local newspaper.

He also advocated building a crypto hub in the nation by absorbing highly skilled specialists in the field, a strategy pursued by companies like the UAE to become a regional hub for the growing crypto market.

The Central Asian nation has positioned itself as one of the crypto-friendly nations with significant strides in regulating the market. Bitcoin is considered a commodity and may be mined and transacted under commodity laws.

Related: Vietnam’s Deputy Prime Minister calls for building legal framework for digital assets

In August 2021, the government introduced National crypto framework for crypto exchanges, giving them legal status in the country. However, there are no laws to regulate the circulation of cryptocurrencies, and there are only those design Law “On Cryptocurrency Sales” proposed by the National Bank.

The Kyrgyz government has started working towards this Regulating the Crypto Mining Industry However, as early as 2020, the growing energy crisis was added illegal crypto mining has led to several raids in the past year. Most crypto mining nations including Kazakhstan and Iran have faced similar energy crises due to illegal crypto mining