[2014-08-05] Kyrgyzstan: Bitcoin Payments Violate State Law

[epere]

http://www.coindesk.com/kyrgyzstan-bitcoin-payments-violate-state-law/

The National Bank of the Kyrgyz Republic, the central bank of Kyrgyzstan, has issued new statements confirming the use of bitcoin and other digital currencies as a form of payment is currently illegal under national law.

Issued this July, the notice states that the only legal tender in Kyrgyzstan is the national currency, the som (KGS), and that as such, any use of bitcoin for payment violates this policy. At press time, 1 KGS was worth $0.019.

[1713487245]

1713487245

[bitsmichel]

http://www.coindesk.com/kyrgyzstan-bitcoin-payments-violate-state-law/

The National Bank of the Kyrgyz Republic, the central bank of Kyrgyzstan, has issued new statements confirming the use of bitcoin and other digital currencies as a form of payment is currently illegal under national law.

Issued this July, the notice states that the only legal tender in Kyrgyzstan is the national currency, the som (KGS), and that as such, any use of bitcoin for payment violates this policy. At press time, 1 KGS was worth $0.019.

How are they going to regulate this? It's not possible. Every citizen can simple use bitcoin and exchange them in a neighbouring state.

[TheButterZone]

Bring on the summary executions, then.

[dwdoc]

Kyrgyz

Currency's not worth sh*t but kyrgyz is worth 26 scrabble points!

[Kprawn]

Their country will stay in the dark age and be left behind, and the people will transfer their savings into BTC to protect it from the falling fiat currency.

Poor decision, that will cost them more in the long run. The same is done with other countries and the same response --> Black market use of banned items/currency increased.

And it becomes even more popular. 

[bryant.coleman]

Almost one-fifth of the Kyrgyz population is outside the country, working in various blue collar jobs (mostly in Kazakhstan and Russia). If Bitcoins are banned in Kyrgyzstan, then the people can easily purchase them in Russia.