Turkmenistan Joins the Crypto Game: What It Means
Turkmenistan has just made a big move. The country has officially legalized crypto mining and trading. This happened when a new law, signed by President Serdar Berdimuhamedow, came into effect.
A Game-Changer for Turkmenistan's Economy
The change could be a game-changer for Turkmenistan's economy. The country is known for its natural gas exports. But now, it might start using its extra energy for crypto mining. This is similar to what Kazakhstan, a neighboring country, has been doing.
Opening Up to the World
Turkmenistan is not very open to the world. But in recent years, it has been trying to change that. It has opened up to tourism and energy sectors. Now, it is extending this openness to the crypto world. Even people who are not from Turkmenistan can mine crypto there, as long as they register.
Rules for Crypto Exchanges
Crypto exchanges in Turkmenistan will have to follow some rules. They need to:
- Get licenses
- Do background checks on their clients
- Have certain security measures in place
However, crypto is still not considered legal tender or a security in the country.
Crypto in Central Asia
Crypto is becoming more popular in Central Asia. Kazakhstan became a big player in Bitcoin mining after China banned it. Pakistan, a close ally of Turkmenistan, has also made big strides in crypto regulation. It has:
- Set up a regulatory authority
- Allowed major crypto exchanges to operate
- Appointed a former Binance CEO as an adviser
But Turkmenistan might not see the same speed of adoption. The government has tight controls on the internet and financial activities. Plus, the country does not receive much foreign investment.
