"Legislation signed by President Serdar Berdimuhamedov establishes a licensing scheme overseen by country's central bank. Turkmenistan, one of the world's most isolated nations, has officially legalised mining and exchanging cryptocurrency in a major shift for the country's tightly controlled, gas-dependent economy. President Serdar Berdimuhamedov signed the legislation on Thursday, regulating virtual assets under civil law and establishing a licensing scheme for cryptocurrency exchanges overseen by the country's central bank."
"However, digital currencies will still not be recognised as a means of payment, currency or security. Turkmenistan, a former Soviet country in Central Asia, relies heavily on the export of its vast natural gas reserves to support its economy. China is the country's main importer of gas, and Turkmenistan is currently working on a pipeline to supply gas to Afghanistan, Pakistan and India."
Turkmenistan legalised mining and exchanging cryptocurrency and introduced civil-law regulation for virtual assets. President Serdar Berdimuhamedov signed legislation establishing a licensing scheme for cryptocurrency exchanges overseen by the central bank. Digital currencies remain not recognised as means of payment, currency or security. The country relies heavily on natural gas exports, with China as its main importer and plans for a pipeline to Afghanistan, Pakistan and India. The government is pursuing digitalisation, including an electronic visa law intended to simplify foreign entry. Turkmenistan has a history of tight control and declared neutrality in 1995 under Saparmurat Niyazov.
Read at www.aljazeera.com
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