Turkmenistan, one of the world’s most isolated nations, has officially legalized cryptocurrency mining and exchange, marking a significant shift for the country’s tightly controlled, gas-dependent economy.

President Serdar Berdimuhamedov signed the legislation on Thursday, regulating virtual assets under civil law and establishing a licensing scheme for cryptocurrency exchanges overseen by the country’s central bank, The Caspian Post reports, citing foreign media.

However, digital currencies will still not be recognised as a means of payment, currency or security.

Turkmenistan, a former Soviet country in Central Asia, relies heavily on the export of its vast natural gas reserves to support its economy.

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