‘Nothing is growing as fast as cryptocurrency’: Kyrgyz MP wants national crypto

CoinTelegraph

Kyrgyz member of parliament (MP) Karim Khanjeza called for the legalization of cryptocurrency in the country during a parliamentary committee meeting on law and order and combating corruption.

During his speech, MP Khanjeza advocated for developing a legal framework for the crypto market and suggested amendments to the draft law to incorporate virtual assets. He said, “nothing is growing as fast as cryptocurrency.”

How To Get Free Crypto  

He added that their country is perfectly positioned to take advantage of the growing crypto popularity and suggested launching their own national cryptocurrency. He said the government should focus on developing a sovereign national digital currency overlooked by the National Bank, reported a local daily.

He also advocated for building a crypto hub in the nation by onboarding highly qualified specialists in this field, a strategy followed by the likes of 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 progress in regulating the market. Bitcoin is considered a commodity and allowed to mine and transact under commodity laws.

Related:  Vietnamese deputy PM calls for building legal framework for digital assets

In August 2021, the government introduced a 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 is only the draft law “on the turnover of cryptocurrencies” suggested by the National Bank.

Coinbase Banner  

The Kyrgyz government started working towards regulating the crypto mining industry as early as 2020, however, the growing energy crisis aided by illegal crypto mining has led to several crackdowns last year. Most of the pro-crypto mining nations including Kazakhstan and Iran had faced similar energy crises due to illegal crypto mining

Go to Source
Author: Prashant Jha


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.