Kazakhstan President Kassym-Jomart Tokayev recently stated that the country is prepared to legalize a mechanism for converting cryptocurrencies to cash if there is sufficient demand to do so.
On September 21st, Halyk Bank suspended the usage of Russias Mir payment cards in response to U.S. Treasury Department sanctions warnings, prompting thousands of Russians to enter Kazakhstan.
It was at the international forum Digital Bridge 2022 where President Tokayev said that the country aims to become an international leader in emerging digital technologies, crypto ecosystems, and regulated mining. He further indicated that the government has already drafted amendments to national law to pilot a crypto conversion mechanism at the Astana International Financial Centre.
Additionally, Eurasian Bank and Intebix jointly announced the completion of the banks inaugural regulated crypto purchase for fiat. This marked a significant milestone in cryptocurrency adoption within Kazakhstan, thereby enabling locals to legally purchase crypto in exchange for the national currency.
ATAIX, Kazakhstans largest bank, and Altyn Bank are also among the other companies involved in the pilot crypto projects. Kazakhstan is hence fully prepared to go even further if cryptocurrencies and blockchain technoogy can consistently demonstrate continued relevance and security, at which point complete legal recognition will almost certainly be provided, President Tokayev stated.
 
Kazakhstan President States The Country Will Embrace Cryptocurrency Exchange To Cash.
Subscribe to the CryptoWeekly Newsletter
Get the top stories, funding deals, technical analysis, cryptocurrency jobs and much more delivered to your inbox, every Monday morning.
April 19,2024
Everything You Need To Know About World Chain
April 19,2024
Ethereum TPS Charts Have A New Leader In Degen Chain
April 18,2024
New AML And CFT Policies Supported By Senator Elizabeth Warren
April 18,2024
Two NFT Games Offloaded As Yuga Labs Aims To Liberate BAYC Team
April 17,2024
Klickl Obtains FSP In Abu Dhabi As The UAE Looks Toward The Future
April 17,2024
New Meme Coin Bursts Onto The Scene As DRDOGE Skyrockets In Value
April 16,2024
Everything You Need To Know About The 2024 Bitcoin Halving
April 16,2024
Top Tax Experts Provide Valuable Advice For Cryptocurrency Holders
April 15,2024
Web3 Fundraising Deals - 10th April To 15th April, 2024
April 15,2024
Crypto Becomes Increasingly Popular As Brazilian UFC Fighter Promotes Bitcoin
April 15,2024
Yomi Provides Insight Into DOGE Golden Cross As SHIB Whale Activity Surges
April 14,2024