Turkmenistan, one of the world’s most isolated nations, has officially legalized cryptocurrency mining and exchanges. The move marks a significant change for the country’s tightly controlled, gas-dependent economy.
President Serdar Berdimuhamedov signed legislation regulating virtual assets. The law brings cryptocurrencies under civil law and establishes a licensing system for exchanges, which will be overseen by Turkmenistan’s central bank.
Despite the legalization, digital currencies cannot be used as money, currency, or securities. Internet access in Turkmenistan also remains tightly controlled by the government.
Turkmenistan relies heavily on its vast natural gas reserves to support its economy. China is the country’s main gas importer, and Turkmenistan is building a pipeline to supply gas to Afghanistan, Pakistan, and India.
Last year, Turkmenistan also introduced electronic visas to simplify entry for foreigners. Historically, the country has had strict entry rules, often rejecting visa applications without explanation.
