In ConseilJs, there is a KeyStoreUtils which helps generate mnemonic and restore it to an account. Are there any ways in taquito library to perform similar action? Or do we need to install and import tezbridge crypto lib library to perform the action

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No, it seems Taquito doesn't have this functionality, As an alternative you also have sotez: https://github.com/AndrewKishino/sotez

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