Just an hour ago bitcoin.com wrote a story/news titled Kyrgyzstan Seizes 2,000 Cryptocurrency Mining Devices. Reading this news made me shake my head and wonder why can't some countries see the opportunities that crypto technologies present to help in growing their economies.
Kyrgyzstan is Central Asian country that used to be part of Soviet Union. It has a population of 6.6 million people. According to Wikipedia its total GDP is $35 billion, and per capita GDP is $5,470. The same source says it is 9th poorest country in former Soviet Union and 2nd poorest in Central Asia. Compared to other countries it has a small territory of land.
When I think about Crypto technologies I would think countries like Kyrgyzstan would jump in on an opportunity of the century and grow their economies.
One of the main global assets of the 20th century has been oil. If a country had oil, it could do well for its economy. Same is true in 21st century, however the focus in shifting to technologies that can harvest renewable energy.
I don't know much about this country. It doesn't seem to be an oil rich country. But it does seem like it has a good geography for investing in renewable energy. One of the great features of crypto technologies is converting energy into financial assets. Investing in renewable energy can pay off in a long run and perhaps help improving local energy infrastructures.
According to the article above law enforcement authorities in Kyrgyzstan have confiscated thousands of crypto mining machines as part of new offensive against illegal cryptocurrency mining in the country. Of course countries have their laws, and they must be enforced. However, when this technology of this century can provide an edge for countries for smaller economies, not embracing such opportunities to better their economies could become opportunities missed.
It doesn't even have to do only with mining. The crypto economy is much bigger than mining. The beauty of it is for the most part being open source technology and open for anybody to participate, even countries all over the world.
I would think those who embrace this earlier, and start creating crypto friendly environments can take the best benefits out of it.
I am not sure if this country would change its stance and take better actions in the future. I am not sure how other countries will treat crypto. But I am sure those who embrace is and take well educated and researched approach will find many benefits. The future will be the judge of who made better decisions.
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