Karim Khanjeza, a member of Kyrgyzstan’s parliament, suggested on Wednesday that the Kyrgyz government should develop its own cryptocurrency and legitimise it for the people. He believes that the burgeoning cryptocurrency sector would provide prospects for technological growth in the country and advocates for the establishment of a crypto centre in Kyrgyzstan. In recent years, the country has experienced a significant acceptance of cryptocurrencies and crypto mining.
During a meeting of Kyrgyzstan’s parliamentary committee on law and order, fighting crime, and combating corruption on March 30, Member of Parliament Karim Khanjeza suggested creating and legalising its own cryptocurrency in light of the country’s growing crypto adoption, according to the source.
Furthermore, Kyrgyzstan’s parliament explored legal amendments to facilitate the process of developing and legalising its own cryptocurrency. He also suggested that an approved government agency be appointed to oversee criminal actions and procedures.
Crypto usage in Kyrgyzstan has risen fast in recent years, presenting a chance to expand the industry further by establishing and approving such a hub in the country. It will solidify the country’s position as the dominant force in the area.
Since 2020, Kyrgyzstan has seen a tremendous increase in cryptocurrency adoption. In 2021, Kyrgyzstan’s central bank began creating draught rules for the crypto business in order to legitimise cryptocurrency trade and exchanges. The government has also begun to recognise the advantages of blockchain technology and cryptocurrencies.
The country’s expanding crypto usage and mining led to a tremendous level, resulting in an energy crisis in Kyrgyzstan. Kyrgyzstan’s supremacy in the cryptocurrency market will grow as it creates and legalises cryptocurrency.
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