Central Asian country Kazakhstan is closer to legalizing digital currencies as President Kassym-Jomart Tokayev has redoubled his interest in making the country a leader in digital technologies.

As reported by local media Informburo, the government is increasing its interest in creating a platform that can help the conversion of cryptocurrencies to fiat at the Astana International Financial Center (AIFC). This projected capacity is billed to extend the country’s control in the cryptocurrency world as it also intends to step up its efforts in the cryptocurrency mining ecosystem.

“Currency conversion is already being carried out on the Astana International Financial Center site under a special pilot project. For this, quite innovative changes were made to the national legislation and regulatory environment. And we are ready to go further If this financial instrument shows its increased demand and security, then it will certainly receive full legal recognition,” Kassym-Jomart Tokayev said at the Digital Bridge 2022 international technology forum.

Kazakhstan’s projection to deepen its position in the world of cryptocurrencies began years ago, with the country projecting that it would attract close to a billion dollars in investments, as revealed in 2020. In recent years, Kazakhstan has shown that it is more cozy. to crypto service providers compared to some of their closest neighbors.

Chairman Tokayev signed a Memorandum of Understanding (MoU) with the Binance exchange as he and the CEO of the trading platform, Chang Peng ZhaoThey met in May of this year. The commitment of the MoU is a lot. However, a main focus was to help develop Kazakhstan’s digital economy.

Beyond direct involvement with privately issued cryptocurrencies and their broader ecosystem, Kazakhstan is also heavily invested in its Central Bank Digital Currency (CBDC) project. The nation launched the public consultation on the electronic currency project in May.

With licenses and approvals to operate granted to key industry stakeholders like Binance, Kazakhstan is inching towards becoming a major crypto hub in the coming years.

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