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The state of cryptocurrencies in Kyrgyzstan

With cryptocurrencies increasing in popularity throughout the world, Kyrgyzstan has also started to think about how it will interact with them, both from an official (government-level) sense as well as from a popular (citizen-level) sense. There are benefits and drawbacks to their use on a widespread scale, including the benefits of innovation and increased investments as well as the drawbacks of a more volatile currency and the loss of government control over money circulation. In general, the prospect of the mass use of blockchain systems in Kyrgyzstan is contingent on the pace the development of financial literacy and business activity in technology-intensive spheres. Most likely, small- and medium-sized businesses will be the engines to drive the implementation of cryptocurrencies.

In the end, cryptocurrencies are likely here to stay, and the government has already seen examples of how the technology can help the state to run more efficiently, such as the setup of bitcoin-exchanges and bitcoin-storages in other countries. It seems only a matter of time before cryptocurrencies, in particular, and blockchain, in general, become a regular part of life in Kyrgyzstan.


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