Turkmenistan has made cryptocurrency mining legal. The country also allows digital asset exchanges to operate. This is a big change for its economy, which is usually controlled by the state. President Serdar Berdimuhamedov signed new laws. These laws create rules for these new industries. Experts think this can help the country modernize. It may also reduce its dependence on gas exports.
New laws will create a licensing system. The central bank will manage this system. It will oversee all companies in the crypto sector. Virtual assets are now part of civil law. However, digital money cannot be used to pay for things. This shows a careful approach. The country wants to use blockchain technology. It does not want to change its money system.
This legal change fits Turkmenistan's plans to update its economy. The government wants to use digital technology for growth. Therefore, allowing crypto activities is a smart move. It could encourage new ideas and investment. Earlier this year, Turkmenistan also made electronic visas. This helps foreign visitors and business.
Turkmenistan's economic past is important. The country became independent in 1991. It has had a very centralized economy. This new law is a departure from that. It shows a willingness to try new financial technologies. The central bank will watch exchanges closely. This is to control risks.
This legal change has several effects. It gives the crypto sector a legal base. This may attract local and foreign companies. It could also help the country use its energy. This is good for energy-intensive mining.
However, digital money cannot be used for payments. This shows the government wants controlled use. Turkmenistan is using blockchain carefully. It wants to keep its financial system safe. The success will depend on the central bank. It must balance new ideas with stability. This is an interesting step for Turkmenistan's economy.