The Minister of Economics and Trade of Kyrgyzstan Bakyt Sydykov submitted the bill “On Virtual Assets”, aimed at creating a state crypto -reserve. Legislators have adopted amendments to the bill in three readings at once.

Now the bill is enshrined in the terms “state crypto -cutting” and “state mining”. The legislative initiative also includes the creation of a legal basis for the release and circulation of stablecoins, tokenized assets of the real world (RWA) and the work of state enterprises with digital assets. The minister is confident that crypto -reserve will help Kyrgyzstan increase financial stability by diversification of stored assets.

It is assumed that not only bitcoin will enter the potential reserve of Kyrgyzstan. This reserve will be a combination of digital assets in the possession of the state. The procedure for their formation, storage, management and use is determined by the President of Kyrgyzstan.

“Kyrgyzstan is a key developing player in Cryptonnka in Central Asia, and the creation of a strategic reserve in cryptocurrencies will allow the state to accumulate its own crypto activists through mining, tokenize assets and the release of stabilcoins provided with fiat currency,” explained Bakyt Sydykov.

Sydykov emphasized that the government will not be exempted from established tariffs for mining, so there should not be problems with energy supply. The country has a separate tariff for mining, and the authorities will not be an exception, the minister assured.

To enter into force, the bill must be signed by the President of Kyrgyzstan Sadir Zhaparov. In April, he signed the law on the digital currency of the Central Bank (CBDC), according to which digital catfish is considered a legal payment vehicle in the country.