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The government of Kazakhstan is finding ways to stimulate the development of the cryptocurrency industry and the emerging technologies associated with it. As per the announcement the authorities of the state have reviewed proposals addressing the development of the crypto industry.
Kazakhstan’s Development of Cryptocurrency Technologies and Market
According to the announcement made on the website of the prime minister of Kazakhstan, the official statement reads,
“State authorities have reviewed proposals to address the crypto industry’s development and reconsider the state’s approach to regulating crypto operations.”
The government officials have suggested running crypto exchanges via Astana International Financial Centre, a major national financial hub. It was also suggested by the government that a certain standard needs to be established, by which crypto exchanges can interact with local banks and clients.
This new initiative aims to facilitate the local crypto industry with transparency and organization. As per the official announcement,
“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 Republic of Kazakhstan is Getting More Serious About the Crypto Industry
It can be clearly observed that as the adoption of digital currencies has increased, the Republic of Kazakhstan is getting more serious about the industry. Surely the transparency and effective management of the digital assets in the crypto industry is making sense.
From the latest, no longer back in the previous week, Kazakhstan’s central bank issued an official report on a possible central bank digital currency.
The statement from the bank reads,
“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.”