Bank of Kyrgyzstan Issues Warning About Cryptocurrencies, Crypto Payments – Regulation Bitcoin News

Amid the growing popularity of cryptocurrencies in Kyrgyzstan, the country’s central bank has reminded citizens about the risks associated with the digital assets. The monetary authority also warned that crypto payments are illegal in the Kyrgyz Republic.Cryptocurrencies and other virtual assets are increasingly spreading in Kyrgyzstan, the nation’s central bank recently noted.

This creates high risks of exchange rate volatility and loss of value, the National Bank of Kyrgyzstan elaborated. It also pointed to the risks with settlements in cryptocurrency, stemming from its features and the absence of a “controlling central body.” The NBK further stated: The authority’s statement comes after the central bank of neighboring Kazakhstan announced last week it’s examining the crypto market while emphasizing it’s too early to talk about legalization of cryptocurrencies like bitcoin.

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