Turkmenistan Takes a Big Step into the Crypto World

Turkmenistan has just made a huge move in the world of digital money. The country has officially said that people and companies can now mine and trade cryptocurrencies. This is all part of a new law that went into effect recently. The goal? To bring in more money from other countries and give the economy a boost. This new law is a big deal. It sets the rules for how people can use and trade virtual money in Turkmenistan. The law says that these digital assets are like property, not actual money. This means you can't use them to buy things, but you can use them as investments. The law also talks about two types of digital assets: secured and unsecured. Secured assets are backed by something real, like gold. Unsecured assets, like bitcoin, are not backed by anything physical. The law is clear: no secret mining tricks allowed. Everything must be done openly and registered with the Central Bank of Turkmenistan.But that's not all. The law also allows for crypto exchanges and custodial services. These services can be run by both local and foreign companies, but they need a license from the central bank. And they can't be from certain offshore places. Plus, they have to follow strict rules to stop money laundering and know who their customers are. This move by Turkmenistan is not just about making money. It's also about joining the global digital economy. Other countries in the Organization of Islamic Cooperation (OIC) have seen benefits from allowing crypto. It helps their economies grow and brings in more investment. But is this the right move for Turkmenistan? Only time will tell. The country is taking a big risk, but it could pay off in a big way. For now, it's a step into the unknown, but one that could change the future of Turkmenistan's economy.