OREANDA-NEWS. September 03, 2014. The word is out: they are just crooks. Inhabitants and visitors of Kyrgyzstan have been warned not to experiment with the controversial “bitcoin” system. The use of it breaks Kyrgyz laws, and apart from risking going to jail for it, those engaging in it will have no leg to stand on if they lose their money.

“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, a newsreel called CoinDesk reported on August 4 this year.

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 USD0.019. […] The central bank also moved to warn consumers about the potential risks associated with digital currency, confirming that no laws currently protect consumers who decide to purchase such assets.”