Kazakhstan is prepared to formalize a method for converting cryptocurrencies to cash if there is demand, according to President Kassym-Jomart Tokayev, according to local news agency Informburo on September 28.
Tokayev stated at the international symposium Digital Bridge 2022 that Kazakhstan intends to become a worldwide leader in digital technology, cryptocurrency ecosystem, and controlled mining. He stated that the Kazakhstani government has developed revisions to national law to pilot a cryptocurrency conversion mechanism at the Astana International Financial Centre. Tokayev said:
“We are ready to go further. If this financial instrument shows its further relevance and security, it will certainly receive full legal recognition.”
At the Digital Bridge 2022 event, the country’s president allegedly visited a combined stand of the major local lender Eurasian Bank and the Intebix crypto exchange.
The Eurasian Bank and Intebix stated that they had executed the bank’s first regulated crypto purchase for fiat. The precedent has marked a significant milestone in Kazakhstan’s crypto acceptance, allowing Kazakhs to legally purchase crypto in exchange for the national currency tenge.
ATAIX, Kazakhstan’s largest bank, and Altyn Bank are among the other organizations involved in the experimental crypto initiatives.
Kazakhstan is not the only country that has emerged as a popular destination for Russians leaving the country and has been working to boost crypto adoption. Neighboring Georgia has also been moving to introduce new crypto regulations in order to become a global crypto hub.
The revelation comes barely a week after Russian President Vladimir Putin approved a partial mobilization of reservists to combat in Ukraine. On September 21, Halyk Bank halted the usage of Russia’s Mir payment cards in response to Treasury Department sanctions warnings.
Kazakhstan is not the only country that has emerged as a favorite destination for Russians fleeing the country and has been pushing to increase crypto acceptance. Georgia has also been working to implement new crypto rules in order to become a worldwide crypto hub.
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