Turkmenistan legalises crypto mining and exchanges in shift for economy
Summary
Turkmenistan has legalized cryptocurrency mining and exchanges as part of changes to its gas-dependent economy. The new law, signed by President Berdymukhamedov, regulates virtual assets under civil law and sets up a licensing system for exchanges. The country is working to digitalize its economy while maintaining tight control over currency use.Key Facts
- Turkmenistan has legalized cryptocurrency mining and exchanges.
- The legislation was signed by President Serdar Berdimuhamedov.
- Virtual assets will be regulated under civil law with licenses issued by the central bank.
- Cryptocurrencies will not be used as official currency or securities in the country.
- Turkmenistan's economy heavily relies on natural gas exports.
- The country is the world's fourth-largest holder of natural gas reserves.
- Turkmenistan has started digitalizing government functions and simplifying visa systems.
- The government controls the internet and media tightly, but some restrictions have eased.
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