Kyrgyzstan, the main emerging player in the Central Asian encryption market, has developed a bill to create an encrypted currency reserve and support the growth of the broader digital asset industry.
The lawmakers in Kyrgyz have conveyed amendments to a “virtual assets” bill in three readings at the same time, which officially enhances conditions such as “state encryption reserves” and “state mining”, and parliament Declare Wednesday.
The draft law is presented by the economy and trade in the Sidikov Bacheette, and deals with multiple aspects of the adoption of the Cyrgystan encryption, including the creation of a legal framework for issuing and trading from StablecoinsSymbolic Real world origins (RWAS) And the industrial operations managed by the state.
“The encryption reserves will allow the state to collect its own assets in the form of encryption through encryption mining, as well as the asset code in the real world and the backed Stablecoins version,” He said At a committee meeting earlier this week.
The encryption reserves as a tool to increase financial stability
According to Syodykov, the state encryption reserve would help Kyrgyzstan to increase financial stability by diversifying and adopting new accumulation tools.
He also stated that the government will not be exempted from the mining rates established by the state in response to concerns about the possible issues related Energy supplies in Kyrgyzstan.
“There is a separate tariff for mining in the country, the country is not an exception. There will be no farm at the thermal power plant, the main purpose of the thermal power plant and Kambar-SAMA-1 is not mining,” Sidikov replied during Monday.
A mixture of assets
After parliamentary readings, the draft law has not yet been signed by the President of Kyrgyzstan, Hadir Gabarov, who It signed a law on the central bank of the Central Bank (CBDC) Just a few months ago.
According to To the draft law, the potential coding reserves in Kyrgyzstan will not only depend on the origins of pure encryption such as bitcoin (BTC), But it is preferable to represent a group of state -owned digital assets.
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“The state’s cryptocurrency reserve is a group of state -owned virtual assets and is formed through its mining, issuance, symbol and acquisition,” says the text of the draft law, adding:
“The formation, storage, management, and use of coded currency reserves is determined by the President of the Kyrgyz Republic.”
The movements of Kyrgyzstan with the reserves of the assets of state encryption came in neighboring countries such as Kazakhstan, with the power of similar initiatives as well.
On Monday, the President of Kazakhstan, Casem Gomart Tukayev, urged the government to focus on enhancing encryption development and AI in the country, including Work on a possible strategic encryption reserve.
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