Kyrgyzstan is Becoming a Blockchain Hub in Asian Region

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The Kyrgyz government is opposed to recognizing Bitcoin as a legitimate form of payment, but is taking steps to encourage the growth of blockchain technology.

At a fintech conference, Alexander Nam of Sberbank’s blockchain laboratory stated that Kyrgyzstan is a leader in the expansion of decentralized technology infrastructure in Central Asia.

He also noted that the global financial system is undergoing a transformation due to the influence of the blockchain industry, with many banks now working with digital currencies as viable assets.

Furthermore, Nam mentioned that the National Bank of Kyrgyzstan is exploring the possibility of implementing a digital som, which would be the third form of currency in the country.