Cryptocurrency Legalization in Turkmenistan: Reform Without Reality Statement by the Human Rights Platform of the Civic Movement “DAYANÇ / Turkmenistan” The authorities of Turkmenistan have announced the adoption of a law on virtual assets, including the legalization of cryptocurrency mining and crypto exchanges, presenting it as a step toward economic development and attracting foreign investment. However, this initiative exists only on paper and does not reflect the real conditions in which citizens of Turkmenistan live. Crypto Economy Without Infrastructure In Turkmenistan: – there are no accessible or functioning cryptocurrency exchanges – there are no legal crypto wallets or blockchain financial services available to the public – there are no mechanisms for citizens to buy, sell, or withdraw cryptocurrency The government is effectively regulating a sector that does not exist for the population. A Financial System Cut Off From the World Turkmenistan remains isolated from the global banking system. In reality: – international money transfers are largely unavailable – bank cards cannot be used abroad – depositing money into personal accounts through ATMs is impossible – legally withdrawing foreign currency is nearly impossible Additionally: – the US dollar is not officially available in circulation – a dual exchange rate system exists – a widespread black currency market operates – currency conversion is fully controlled by the authorities Under these conditions, participation in any crypto-related activity is practically unattainable for ordinary citizens. Assets Without Legal Protection Turkmenistan lacks an independent judiciary. Courts remain subordinate to the executive authorities, leaving citizens without effective legal remedies to protect property, investments, or digital assets. This creates a high risk of arbitrary confiscation, pressure, and abuse. Mining for the Privileged Few Cryptocurrency mining requires: – stable and affordable electricity – access to specialized equipment – investment security Yet ordinary citizens face power shortages, import restrictions, and strict state control over economic activity. Large-scale operations are realistically possible only for individuals or entities connected to the authorities. This raises serious concerns that mining will become another closed privilege for elites rather than an opportunity for the public. A Showcase Reform Without: ✔ financial transparency ✔ access to global banking ✔ judicial independence ✔ protection of property rights ✔ digital and economic freedoms cryptocurrency legalization risks becoming a symbolic reform serving narrow interests rather than real economic development. Position of DAYANÇ The Human Rights Platform of the Civic Movement “DAYANÇ / Turkmenistan” emphasizes that economic reforms implemented in an environment of isolation, censorship, and lack of rule of law inevitably benefit only a small group of power holders. True development cannot exist without freedom, transparency, and protection of citizens’ rights.
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