Turkmenistan, one of the world’s most closed nations, legalizes crypto mining and exchanges

Turkmenistan has officially legalized mining and exchanging cryptocurrency, marking a large displacement for its tightly-controlled economy

ASHGABAT, Turkmenistan -- ASHGABAT, Turkmenistan (AP) — Turkmenistan, 1 of the world’s astir isolated nations, officially legalized mining and exchanging cryptocurrency connected Thursday successful a large displacement for the country's tightly controlled, gas-dependent economy.

Signed by President Serdar Berdimuhamedov, the authorities regulating virtual assets brings cryptocurrencies nether civilian instrumentality and establishes a licensing strategy for cryptocurrency exchanges overseen by the country’s cardinal bank.

However, integer currencies volition inactive not beryllium recognized arsenic a means of payment, currency, oregon security. Turkmenistan's net besides remains tightly regulated and controlled by the government.

Turkmenistan, a erstwhile Soviet state successful Central Asia, relies heavy connected the export of its immense earthy state reserves to enactment its economy. China is the country’s main importer of gas, and Turkmenistan is presently moving connected a pipeline to proviso state to Afghanistan, Pakistan, and India.

Turkmenistan besides adopted a instrumentality introducing physics visas successful April past year, aimed astatine simplifying introduction for foreigners. After gaining independency successful 1991, the autocratic federation typically placed strict introduction requirements connected would-be visitors, with galore visa applications turned down for unclear reasons.

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