Cryptocurrency and virtual assets are increasingly spreading in Kyrgyzstan. The National Bank of the republic reported.
The bank reminds that the only means of payment in the country is the national currency — som. Use of virtual assets when buying and selling goods and services as means of payment in the territory of the Kyrgyz Republic will be a violation of the law.
The National Bank decided to tell about the risks associated with the use of virtual currency.
«No one, as a rule, is liable for cryptocurrency. It does not have financial support. It has no real value due to the fact that the cryptocurrency is not tied to any currency or other asset. This creates high risks of exchange rate volatility and loss of value. There are risks in settlements in cryptocurrency, which arise from its features, and the absence of a controlling center and a controlling body. Therefore, we recommend citizens to be prudent and refrain from using cryptocurrency for payments and settlements. Users assume all possible risks and negative consequences when making settlements using cryptocurrency/virtual assets,» the National Bank of the Kyrgyz Republic said.
