- The first cryptocurrency purchase with Kazakhstan’s local currency has been completed.
- Kazakhstan’s president says an additional lawsuit could lead to full legal recognition of digital assets.
- The country will continue to run a pilot program this year to test demand and safety.
Kazakhstan’s first cryptocurrency purchase using its local currency, the tenge, took place today as the country considers “full legal recognition” of the asset class, according to a report from Inform Buro.
“At the site of the Astana International Financial Center, cryptocurrency conversion is already underway in a special pilot project,” said Kazakhstan’s President Kassym-Jomart Tokayev, speaking at the Digital Bridge 2022 international forum.
In addition, the country intends to become a leader in the digital asset ecosystem “if its pilot launch is successful.” The pilot is expected to be in the testing phase until the end of 2022 as the nation-state continues to study its demand and safety.
“Therefore, quite innovative changes have been made to the national legislation and regulatory environment,” President Tokayev said. “And we’re ready to go further.”
Last summer, the pilot project between Kazakhstan banks and cryptocurrency exchanges started in Astana. The project aimed to test the opening of exchange accounts and the exchange’s interactions with local banks. Demand for the asset class appears to be increasing as the testing phase continues.
“If this financial instrument shows its continued demand and security, it will certainly receive full legal recognition,” President Tokayev concluded.
Bitcoin mining in the region is already prevalent, so increased demand from Kazakhstan could lead to legislation designed to attract mining companies as well as other exchanges. However, mining for Kazakhstan has not been a smooth road, as it has experienced resistance from the industry.
