Fun

Bank of Kyrgyzstan Issues Warning About Cryptocurrencies, Crypto Payments

News Feed - 2022-06-16 04:06:47

Bank of Kyrgyzstan Issues Warning About Cryptocurrencies, Crypto Payments


Amid the growing popularity of cryptocurrencies in Kyrgyzstan, the country’s central bank has reminded citizens about the risks associated with the digital assets. The monetary authority also warned that crypto payments are illegal in the Kyrgyz Republic. National Bank of Kyrgyzstan Urges Caution With Cryptocurrency


Cryptocurrencies and other virtual assets are increasingly spreading in Kyrgyzstan, the nation’s central bank recently noted. The regulator reminded that using them to buy or sell goods and services is still against the law, with the Kyrgyzstani som remaining the only legal tender in the country.


Quoted by local media, the monetary authority also issued a warning regarding the risks linked to decentralized digital currencies. “No one, as a rule, is liable for cryptocurrency. It does not have financial support. It has no real value due to the fact that it is not tied to any currency or other asset,” it said.


This creates high risks of exchange rate volatility and loss of value, the National Bank of Kyrgyzstan (NBK) elaborated. It also pointed to the risks with settlements in cryptocurrency, stemming from its features and the absence of a “controlling central body.” The NBK further stated: Therefore, we recommend citizens to be prudent and refrain from using cryptocurrency for payments and settlements. Users assume all possible risks and negative consequences when making settlements using cryptocurrency and virtual assets.


The authority’s statement comes after the central bank of neighboring Kazakhstan announced last week it’s examining the crypto market while emphasizing it’s too early to talk about legalization of cryptocurrencies like bitcoin.


Central Asia, where the two countries are situated, attracted crypto businesses last year, especially miners after China started cracking down on the industry in May, 2021. Both nations have since tried to limit mining by shutting down illegal crypto farms and raising electricity rates for authorized mining enterprises. Miners have been blamed for power shortages and damage to the electricity networks. Tags in this story Bank, central asia, Central Bank, Crypto, Cryptocurrencies, Cryptocurrency, Kazakhstan, Kyrgyzstan, legal tender, means of payment, national bank, Payments, Settlements, Warning


Do you expect the National Bank of Kyrgyzstan to change its policy towards cryptocurrencies in the future? Tell us in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. South Korean Government Calls for Voluntary Regulations From Crypto Industry REGULATION | 23 hours ago Bank of Canada"s Official: Crypto Needs Regulation Before It Becomes "a Lot Larger" REGULATION | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleInaugural ZENCON a Resounding Success Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework


Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Iran to Increase Penalties for Unauthorized Cryptocurrency Mining

News Feed

Salvadoran President Nayib Bukele Taunts Economist Steve Hanke After Bitcoin’s Price Skyrockets
Salvadoran President Nayib Bukele Taunts Economist Steve Hanke After Bitcoin"s Price Skyrockets On October 15, the day bitcoin’s price surpassed the $60K per unit handle, Sa
Tristan Greene11 hours agoPaxos and MercadoLibre partner up to bring USDP to MexicoThe move provides PAX coin access to Mexico’s 3.1 million-plus cryptocurrency users.1216 Total views1 Total sharesListen to article 0:0
Avalanche Sees Surge in BTC Bridged to Its Network With Over $44 Million in Bitcoin Ported on Thursday
Avalanche Sees Surge in BTC Bridged to Its Network With Over $44 Million in Bitcoin Ported on Thursday According to statistics, the number of bitcoin bridged to the Avalanche block
Arijit Sarkar1 hour agoHong Kong retains top crypto-ready position for two consecutive yearsWhile Hong Kong grabbed the top spot with a crypto readiness score (CRS) of 8.36, the United States fell down a spot to third pl
‘Governments Will be Unable to Shut It Down’ – John McAfee to Launch Privacy Centric Crypto
"Governments Will be Unable to Shut It Down" - John McAfee to Launch Privacy Centric CryptoThe U.S. Presidential candidate who remains on the run from the IRS, John McAfee, announce
Bitcoin Decline Continues: Is $86,800 The Level To Watch?
Este artículo también está disponible en español. On-chain data shows the Realized Price of the Bitcoin short-term holders lies at $86,800 right now, making the level one
Amaka Nwaokocha11 hours agoRobinhood meme stock punters denied class suit certificationA court has rejected a motion requesting class action certification from investors pursuing legal action against Robinhood.2733 Total
Genesis Mining Is Converting Excess Bitcoin Datacenter Heat Into Greenhouse Power in Sweden
Genesis Mining Is Converting Excess Bitcoin Datacenter Heat Into Greenhouse Power in Sweden One of the largest bitcoin mining operations in the world, Genesis Mi
Mark Cuban and Voyager CEO Advise How to Get Into Crypto, Offer Tips for New Investors
Mark Cuban and Voyager CEO Advise How to Get Into Crypto, Offer Tips for New Investors Shark Tank star and the owner of the NBA team Dallas Mavericks, Mark Cuban, and the CEO of cr
Man allegedly tries to ‘recover’ losses from BitConnect, kidnapping two
Stephen Katte6 hours agoMan allegedly tries to ‘recover’ losses from BitConnect, kidnapping twoIndian authorities have arrested a man for allegedly kidnapping two employees of BitConnect creator Satish Kumbhani and e
WazirX hacker funnels $149M of SHIB, MATIC other altcoins into ETH
Brayden Lindrea3 hours agoWazirX hacker funnels $149M of SHIB, MATIC other altcoins into ETHBlockchain security firms say bad actors typically move altcoins into Ether to prepare for laundering, as the native token has n
Xiden Developer CryptoDATA Announces New Project to Defend the Crypto Space From Asset Losses
Xiden Developer CryptoDATA Announces New Project to Defend the Crypto Space From Asset Losses press release PRESS RELEASE.CryptoDATA Tech, the Xiden blockchain developer and MotoGP