Several Central Asian countries have taken steps to adopt cryptocurrencies in various ways. Uzbekistan, Kyrgyzstan and Kazakhstan are among the less visible former Soviet republics in this market, but they are now starting to appear on the radar of digital currencies. With certain advantages and new policies, these countries are trying to attract investors and integrate more closely into the global virtual currency ecosystem.
An initiative to boost their national economies
Kyrgyzstan, which borders some of China’s mining regions, plans to use cryptocurrencies in public procurement and state-funded projects. Prime Minister Sapar Isakov announced this initiative at an economic forum in Almaty, the financial capital of the neighboring country. According to Mr. Isakov, Kyrgyzstan will introduce this technology as part of a program designed to drive a digital transformation across the country. By implementing the program, the government aims to benefit from emerging technological goods and services.
Authorities in Kyrgyzstan intend to allocate cryptocurrencies to finance a variety of projects, including programs to improve access to government services in remote areas. Plans also include installing surveillance cameras along key roadways.
Below is a video that explains these developments:
A more transparent solution
Kazakhstan also seeks to play a role in developing digital currencies. The country’s president, Nursultan Nazarbayev, expressed interest in launching a global digital currency that he suggested could be named G-Global. He characterized the proposed currency as democratic and transparent.
The G-Global Business Portal, a platform that brings together digital experts from around the world, is actively involved in developing this new cryptocurrency. Meanwhile, Uzbekistan ranked third in a recent study on mining costs. According to the International Business Times, mining a single Bitcoin in Uzbekistan costs about $1,790. Venezuela topped the list with a cost of $531, followed by Trinidad and Tobago at $1,190.