ASHGABAT, Turkmenistan — ASHGABAT, Turkmenistan (AP) — Turkmenistanone of the world's most isolated countries on Thursday officially legalized mining and cryptocurrency exchanges, a major shift for the country's tightly controlled, gas-dependent economy.
Signed by the President Serdar BerdimuhamedovLegislation regulating virtual assets brings cryptocurrencies in accordance with civil law and establishes a licensing scheme for cryptocurrency exchanges controlled by the country's central bank.
However, digital currencies will still not be recognized as a means of payment, currency or security. The Internet in Turkmenistan also remains heavily regulated and controlled by the government.
Turkmenistan, a former Soviet country in Central Asia, relies heavily on exports of its vast natural gas reserves to support its economy. China is the country's main gas importer, and Turkmenistan is currently working on building a pipeline to supply gas to Afghanistan, Pakistan and India.
Last April, Turkmenistan also passed a law introducing electronic visas, aimed at simplifying the entry of foreigners. Since independence in 1991, the authoritarian nation has generally had strict entry requirements, with many visa applications rejected for unclear reasons.
