Karim Xanzheza – Deputy of the Parliament of Kyrgyzstan – believes his country is ideally suited to take advantage of the growing popularity of digital assets. He further claimed that “nothing grows as fast as cryptocurrency.” Consequently, he urged the government to focus on developing its sovereign national digital currency.
Kyrgyzstan Should Catch the Crypto Wave
The latest politician to display his positive stance on the cryptocurrency sector is Kyrgyzstan’s Deputy of the Parliament – Karim Xanzheza. Similar to other proponents, he outlined the significant progress of the asset class and the rising popularity of bitcoin, ether, and the other coins among the broad society. “Nothing grows as fast as cryptocurrency,” he said during his speech.
Xanzheza urged the local lawmakers to design a legal framework for the market and proposed bill amendments to include digital assets.
In his view, another feature that could boost Kyrgyzstan’s economy is launching a national cryptocurrency. He criticized the country’s central bank for ignoring such initiatives during the past few years.
In addition, the politician advocated for attracting qualified specialists in the area who could aid Kyrgyzstan’s crypto strives.
The UAE has already begun the adoption process, creating an independent authority to oversee the industry. The unit organizes the operation of digital asset platforms while monitoring transactions and preventing price manipulation.
“The future belongs to whoever designs it. Our step is a leap towards the future aimed at developing this sector and protecting all investors in it,” UAE’s Prime Minister stated.
Which Countries Are Pivoting Towards Crypto?
The digital asset industry has become an attractive niche for numerous nations which have already encompassed it in their macroeconomic networks or intend to do so in the near future.
The brightest example is the first country that adopted bitcoin as legal tender – El Salvador. The Central American state, led by crypto advocate Nayib Bukele, has already constructed a BTC-fueled vet hospital and an education center focused on the asset.
Ukraine is another country that falls on that list. Prior to the military conflict with Russia, the former Soviet state was ranked the most crypto-aware country globally.
Ever since the “special military operation” against its territory, Ukraine had started collecting donations in the form of crypto to support its army and citizens affected by the invading forces. A few days ago, it launched an NFT museum to show arts related to the war against Russia.
South Korea should also be mentioned. Earlier this month, Yoon Suk-Yeol secured a narrow victory over his opponent and became the nation’s new president. Interestingly, he has demonstrated a pro-crypto stance during his political campaign, vowing to raise the minimum level for paying capital gains tax on earnings from cryptocurrency investments from $2,000 to $40,000.