Kyrgyz lawmakers have adopted a bill to create a state cryptocurrency reserve and support the digital asset sector. Deputies approved amendments to the bill «On Virtual Assets» in three readings at once, defining terms such as «state cryptocurrency reserve» and «state mining».
The bill, presented by Minister of Economy and Trade Bakyt Sydykov, defines the legal basis for stablecoins, tokenized real-world assets, and state cryptocurrency operations.
Sydykov stated that the reserve will allow the state to store assets from mining, tokenization and stablecoins backed by fiat currencies.
Notably, the US and Kazakhstan are also developing state-backed cryptocurrency initiatives. The US has created the Bitcoin Strategic Reserve and the Digital Asset Fund, while Kazakhstan has suggested to create national crypto fund at the central bank and are developing legislation for cryptocurrency transactions.
The global financial system is changing, and countries are rethinking their strategic reserves. Now, gold- and foreign-currency-focused countries are exploring digital assets such as Bitcoin.