Turkmenistan, one of the world’s most closed nations, legalizes crypto mining and exchanges
ABC News••business
Key Points:
- Turkmenistan has officially legalized the mining and exchange of cryptocurrency, marking a significant shift in its tightly controlled, gas-dependent economy.
- The new legislation, signed by President Serdar Berdimuhamedov, regulates virtual assets under civil law and introduces a licensing system for cryptocurrency exchanges overseen by the central bank.
- Despite legalization, digital currencies will not be recognized as legal payment methods, currency, or securities, and internet access remains heavily regulated by the government.
- The country continues to rely on its vast natural gas reserves for economic support, with China as its main gas importer and ongoing pipeline projects targeting Afghanistan, Pakistan, and India.
- In April last year, Turkmenistan also introduced electronic visas to simplify foreign entry, easing previous
