Turkmenistan, one of the most isolated countries in the world, has officially allowed cryptocurrency mining and trading since the New Year. This is a significant shift for the strictly controlled economy dependent on natural gas exports, writes the AP agency.
Turkmenistan introduces cryptocurrency regulation
The relevant law was signed by the president of the Central Asian state, Gurbanguli Berdymuhamedov. The regulation of cryptocurrencies thus falls under civil law. Introduces a system of licensing cryptocurrency exchanges under the supervision of the country’s central bank.
However, digital currencies will still not be recognized as a means of payment, currency, or security. The internet in Turkmenistan also remains strictly regulated and controlled by the government, the AP emphasizes.
Gas, China, and electronic visas
Turkmenistan, a former Soviet republic, relies heavily on exports of its vast natural gas reserves to support its economy. Its main customer is China, and Turkmenistan is currently working on a gas pipeline to supply gas to Afghanistan, Pakistan, and India.
Last April, Turkmenistan passed a law introducing electronic visas, which simplifies entry for foreigners. After gaining independence in 1991, this autocratic state typically imposed strict entry requirements on potential visitors, and many visa applications were rejected for unclear reasons.
Source: Reuters
