At the meeting of the National Council for the Development of Blockchain Technologies and Virtual Assets, the President of the Kyrgyz Republic emphasized that the digital transformation of the financial system is becoming an important direction in the global context.
Sadyr Japarov noted that many countries are already developing strategies for regulating virtual assets, implementing central digital currencies, and creating tokens backed by real assets. These changes are becoming stable elements of a new economic model, rather than just technological experiments.
He also pointed out that Kyrgyzstan occupies a unique position in the region, as the country has adopted a law on virtual assets and is developing a consistent state policy in this area.
According to the head of state, the active formation of the virtual asset market in the country, the increase in the number of licensed participants, and the development of the regulatory framework indicate progress in this area.
Economist Erkin Abdrazakov noted that cryptocurrency is registered in Kyrgyzstan through the National Bank and can serve large investors at the interstate level. However, it is not yet recognized as an official means of payment within the country. “Some citizens have tried to implement cryptocurrency, but unsuccessfully. Nevertheless, Kyrgyzstan has achieved significant success in the interbank market and is also actively developing mining, which opens up opportunities for further operations with cryptocurrency,” he added.
“In the future, we can expect broader use of cryptocurrency both within the country and beyond its borders,” the economist noted.
The expert emphasized the need to improve the financial literacy of the population, in which the National Bank and the Ministry of Finance should play an important role. Currently, many commercial banks and non-bank organizations do not work with cryptocurrencies, but in the future, Kyrgyzstan may become a full-fledged financial institution.
The first state cryptocurrency exchange, Coin National Exchange, was opened in Kyrgyzstan on January 24, 2025. The Ministry of Finance is the sole owner of this exchange, registered as a public joint-stock company.
The head of the exchange, Biibolot Mamytov, stated that the main task is to create one of the world's first state cryptocurrency exchanges and keep pace with global trends. Kyrgyzstan, although a small country, has enormous potential.
The exchange will offer popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and others represented on international platforms.
“We will carefully approach the selection of cryptocurrencies to minimize risks associated with unreliable assets, focusing on those that have real value and recognition,” he added.
President Sadyr Japarov emphasized the need for investment in education and training of personnel capable of working in new conditions. It is also important to develop innovations in an environment of transparency, clear rules, and reliable infrastructure. Only the combination of these factors will ensure the sustainability of the digital ecosystem and trust from the population, businesses, and international partners.
The head of state noted that Kyrgyzstan is actively adapting to changes in the global financial structure and aims to create its significant model of a digital economy in the region.
“Our country has unique advantages for leadership: a flexible institutional environment, talented youth, access to clean energy, and active digitalization of public services. All of this creates opportunities for transforming Kyrgyzstan into a regional hub for virtual assets and Web3 technologies,” he concluded.
