Speculation mounts on Central Asian country to announce Bitcoin treasury holding Speculation mounts on Central Asian country to announce Bitcoin treasury holding
Likely candidates for which Central Asian country has added Bitcoin to its treasury are Kyrgyzstan, Uzbekistan, and Kazakhstan.
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Updated: Jun. 5, 2023 at 3:34 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Speculation is mounting over which Central Asian country has added Bitcoin to its treasury.
On June 4, Crypto Lawyer Irina Heaver said a country in Central Asia would soon announce holding BTC as a treasury asset.
When pressed on who, Heaver said client confidentiality prohibits her from naming the country. But the announcement will be made when they are ready.
Speculative prods had Heaver disclose that her client ends in the word “stan” and is also “one of the largest oil reserve holders.”
Seven Central Asian countries end in the word stan. They are Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan, Afghanistan, and Pakistan.
Of those, Kazakhstan, Turkmenistan, and Uzbekistan have an abundance of oil and gas reserves.
Bitcoin adoption strategy
Heaver held firm in telling CryptoSlate that the client would make the announcement at their convenience.
She mentioned that Central Asia is often overlooked as a region for Bitcoin activity and has many well-educated young people due to the “old school Soviet education” system.
As examples of Bitcoin activity in Central Asia, Heaver named Kyrgyzstan’s heavy involvement with hydroelectric mining, Uzbekistan’s pro-Bitcoin mining laws since 2018, and Kazakhstan’s ambitions to emulate the Dubai International Finance Centre (DIFC) – a financial hub that houses more than 4,300 businesses.
In April, Jan3 CEO Samson Mow told a press conference held in Mexico that there are three paths a country can take for a BTC adoption strategy – making Bitcoin legal tender, issuing a bond backed by BTC, or the easiest path is simply holding it as a treasury asset.
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Samuel Wan
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Irina is a renowned Web3 and Digital Assets attorney with offices in Dubai and Switzerland who serves clients all over the world.