According to a local news agency called information bureauKazakhstan would be ready to legalize a new mechanism for converting cryptocurrencies into cash if there is a demand for it.
Becoming a leader in different areas
Kazakhstan aims to become an international leader in digital technology, the crypto ecosystem and regulated mining industry.
For this, the government of the country has drafted some amendments to the national legislation, which now allows a mechanism for the conversion of crypto to be tested at the ‘Astana International Financial Centre’. The President of Kazakhstan said the following about this:
We are ready to move on. If this financial instrument demonstrates its continued relevance and security, it will surely gain full legal recognition.
Kazakhstan not alone
There would also be full testing with such transactions. For example, the Eurasian Bank and Intebix are said to have already completed the bank’s first regulated crypto purchase for fiat. The new move is a major milestone in Kazakhstan’s crypto adoption, allowing the Kazakh people to legally purchase crypto for its national currency, the Tenge.
The news comes as thousands of Russians enter Kazakhstan, a week after Russian President Vladimir Putin announced a partial mobilization of reservists to fight in Ukraine.
However, Kazakhstan is not the only country that has emerged as a popular destination for Russians leaving the country and has worked to boost crypto adoption. The neighboring country of Georgia is also on the move to introduce new crypto regulations to become a global crypto hub. It is not yet known which country will win this battle.
