#news
Authorities have made amendments to the law on virtual assets, expanding the regulation of cryptocurrencies, stablecoins, and mining. The key point is that control over the issuance of digital currencies is transferred directly to the president and his administration.
The state gains the right to participate in mining through state-owned companies, to form crypto reserves, and to launch pilot blockchain projects. Private miners are required to register, disclose wallets, and comply with technical requirements. Only asset-backed tokens are allowed in the country.
Kyrgyzstan is already promoting the USDKG stablecoin (backed by gold) and $KGST (pegged to the som) and wants to become a regional hub for stablecoin settlements in Central Asia. At the same time, the EU is considering new sanctions, suspecting the use of crypto infrastructure to bypass restrictions against Russia.
Actually, Bishkek is trying to balance between control, geopolitics, and the desire to integrate into the global crypto economy.
#Stablecoins @BinanceCIS