Kyrgyzstan, as an important emerging player in the Central Asian cryptocurrency market, has advanced a bill to establish a national cryptocurrency reserve and support the broader development of the digital asset industry.
Kyrgyz lawmakers passed the amendment to the "Virtual Assets Law" in three readings, officially establishing terms such as "national cryptocurrency reserve" and "national mining," the parliament announced on Wednesday.
The bill was proposed by the Minister of Economy and Commerce, Bakyt Sydykov, and addresses multiple aspects of cryptocurrency adoption in Kyrgyzstan, including the establishment of a legal framework for the issuance and circulation of stablecoins and tokenized real-world assets (RWA), as well as operations in the industry run by the state.
"The cryptocurrency reserve will allow the state to accumulate its assets in cryptocurrency form through cryptocurrency mining and the tokenization and issuance of stablecoins backed by fiat currency," the minister reportedly stated at a committee meeting earlier this week.
According to Sydykov, the national cryptocurrency reserve will help Kyrgyzstan enhance financial stability by diversifying and adopting new accumulation tools.
He also mentioned that in response to concerns about potential issues with Kyrgyzstan's energy supply, the government would not exempt the national mining rates set by the state.
"There are separate mining rates domestically, and the state is no exception. Thermal power plants will not have mining farms, and the main purpose of thermal power plants and Kambar-Ata-1 is not mining," Sydykov reportedly claimed at a meeting on Monday.
After the parliamentary reading, the bill still requires the signature of Kyrgyz President Sadyr Japarov, who had just signed the central bank digital currency (CBDC) law a few months ago.
According to the bill, Kyrgyzstan's potential cryptocurrency reserve will not solely rely on pure crypto assets like Bitcoin (BTC) but will represent a portfolio of digital assets owned by the state.
"The national cryptocurrency reserve is a set of virtual assets owned by the state, formed through mining, issuance, tokenization, and acquisition," the text of the bill states, adding:
Kyrgyzstan's initiative to advance a national cryptocurrency reserve comes as neighboring countries like Kazakhstan are also actively exploring similar initiatives.
On Monday, Kazakh President Kassym-Jomart Tokayev urged the government to focus on promoting the development of the country's cryptocurrency and artificial intelligence, including work on a potential strategic cryptocurrency reserve.
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Original: “Kyrgyzstan Introduces Concept of National Cryptocurrency Reserve in New Bill”
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