Kyrgyzstan has taken a step towards cryptocurrency integration in its economy by promoting a bill that creates a legal framework for a state crypto reserve.
Adoption of the Bill
Kyrgyz lawmakers have passed amendments to the bill 'On Virtual Assets' in three readings at once, officially cementing terms like 'state crypto reserve' and 'state mining.' Presented by Economy and Commerce Minister Bakyt Sydykov, the bill addresses multiple aspects of Kyrgyzstan’s crypto adoption, including establishing a legal framework for the issuance and circulation of stablecoins and tokenized real-world assets.
Crypto Reserve as a Financial Stability Tool
Sydykov noted that a state crypto reserve would help Kyrgyzstan increase financial stability through diversification and the adoption of new accumulation instruments. He emphasized that the government will not be exempt from mining rates established by the state, considering possible issues with the country's energy supply. According to him, there is a separate tariff for mining in the country, and the state is no exception.
Conclusion
The bill for creating a state crypto reserve marks a significant step towards legalizing and integrating cryptocurrencies into Kyrgyzstan's economy. This decision may harmoniously combine financial stability with new opportunities for the growth of digital assets.
The adoption of the bill for the state crypto reserve highlights Kyrgyzstan's commitment to embracing modern financial technologies and adapting to global trends in cryptocurrency.
