Turkmenistan has legalized cryptocurrency mining and trading, but still prohibits its use as a means of payment.
TL;DR
Turkmenistan legalizes cryptocurrency mining and trading with a licensing system, but bans its use as payment. This marks a major economic shift for the gas-dependent nation.
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According to ChainCatcher, Turkmen President Serdar Berdimuhamedov signed a decree officially legalizing cryptocurrency mining and trading. This legislation brings virtual assets under civil law and establishes a licensing system for cryptocurrency exchanges, regulated by the country's central bank.
Nevertheless, digital currencies are not recognized as a means of payment, legal tender, or securities in the country. Currently, the internet in Turkmenistan remains under strict government regulation. This move is seen as a significant shift in Turkmenistan's economic policy, given its heavy reliance on natural gas exports.