Kazakhstan’s major bank on Thursday completed its first purchase of cryptocurrency using the country’s fiat currency and according to the country’s president, further demand may lead to legal recognition of digital assets in the country.
As per the report by Inform Buro, Kazakhstan President Kassym-Jomart Tokayev has disclosed that the country may legalize a mechanism for the conversion of cryptocurrencies to fiat if there’s a need for it.
In his speech at the international forum Digital Bridge 2022, he stressed that Kazakhstan is intending to become a leader internationally in digital technology, the cryptocurrency ecosystem as well as regulated mining.
He furthered that the government of Kazakhstan has drafted amendments in national law to launch a pilot program on the mechanism for converting crypto at the Astana International Financial Centre.
“We are ready to go further. If this financial instrument shows its further relevance and security, it will certainly receive full legal recognition,” said Tokayev.
He concluded that “If this financial instrument shows its continued demand and security, it will certainly receive full legal recognition.”
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Kazakhstan, Other Regional Countries Becoming Destinations For Russians
About a week ago, Russia’s President Putin announced a partial mobilization of reservists to fight in the Ukraine invasion, and some days ago, Halyk Bank froze the use of Russia’s Mir payment cards in compliance with the Western sanctions on Russia.
With President Putin’s recent announcement, more Russians have been leaving the country, and countries like Kazakhstan have been their destination.
Countries like Georgia is also Kazakhstan’s regional country and have been working to boost crypto adoption in the country, in fact, the country is working on new regulations focused on building crypto adoption in the country.
Unlike Georgia and Kazakhstan welcoming Russians and embracing cryptocurrency, the west concern about improved Russia-crypto relationship has grown, in April, Europe restricted Russian payments to European crypto wallets to 10,000 euros, and a recent report says that the European Union could ban Russian nationals and entities from holding any digital assets in EU cryptocurrency wallets.
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