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Kazakhstan’s government to create roadmap for developing crypto market

  • Posted On - 2021-05-11 12:50:15

The Kazakhstan government has shaped a roadmap to stimulate the development of the cryptocurrency industry and blockchain technology across the country.

According to the announcement from the government, the country's state authorities have already reviewed proposals to address the crypto industry's development and reconsider the state’s approach to regulating crypto operations.

Authorities have proposed to run crypto exchanges via a major national financial hub, the Astana International Financial Centre. The government also suggested establishing standards by which crypto exchanges can interact with local banks and clients.

The new initiative aims to provide transparency and organization for the local crypto industry. “To date, out of the whole variety of companies working in the crypto industry, [...] only mining companies are part of the market in Kazakhstan,” the announcement reads. 

The Republic of Kazakhstan is being more serious towards the crypto industry and digital assets. 

The central bank issued an official report on a possible central bank digital currency. The bank said that the digital tenge is not intended to replace either cash or cashless payments but would rather be an alternative option that would enable further development of the national payment system and reduce reliance on cash.