The National Bank of the Kyrgyz Republic issued a warning recently about the spread and use of virtual currencies such as bitcoin.
"We should not forget that under the legislation of the Kyrgyz Republic the sole legal tender on the territory of our country is the national currency of Kyrgyzstan 'som,'" the central bank said in a press release. And the use of 'virtual currency,' bitcoins, in particular, as a means of payment in the Kyrgyz Republic will be a violation of the law of our state."
It went on to state that among the risks and consequences associated with the use of virtual currency are the lack of material financial support or mediation of any financial institutions or government and the fact that such currency does not have real value.
The National Bank of the Kyrgyz Republic recommended that consumers not use 'virtual currency,' to decline to participate in the operations of their purchase and sale and exchange for other currencies or assets.
"Persons or entities in any way using 'virtual currency' subject to the above mentioned risks," the bank said. "And also, when involved in these activities, they assume all the possible negative consequences of the possible violation of the legislation of the Kyrgyz Republic."
More Stories
- EUROPEAN INVESTMENT BANK: Bosnia and Herzegovina: EIB provides €340 million to advance works on northern part of Corridor Vc
- ABN AMRO SERVICES COMPANY: Fempower Your Growth: like tindering with female entrepreneurs
- EUROPEAN INVESTMENT BANK: Egypt: Team Europe - EIB and Banque Misr work together to support private businesses and speed up the recovery of SMEs from COVID-19
- ASIAN DEVELOPMENT BANK: ADB, NNS Sign Loans to Build Milestone Solar Power Project in Uzbekistan
- ASIAN DEVELOPMENT BANK: $123 Million ADB Loan to Help Build Elevated Walkways in Manila
- EUROPEAN INVESTMENT BANK: Germany: EIB provides €15 million of funding to IDnow
- ASIAN DEVELOPMENT BANK: CAREC Endorses Long-Term Strategy to Promote Safe, Sustainable, and Inclusive Tourism
- EUROPEAN INVESTMENT BANK: EIB Group provides €150 million to support artificial intelligence companies
- ASIAN DEVELOPMENT BANK: ADB Approves $430 Million to Help Rehabilitate Power Distribution Networks in Uttar Pradesh, India
- EUROPEAN INVESTMENT BANK: Greece: EIB backs EUR 470 million road safety scheme