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Kazakhstani Government Plans To Form Roadmap For Stimulating Crypto Market Development In Country

Government authorities and officials in Kazakhstan have begun efforts towards improving their respective rules and regulations so that the nation’s position may be strengthened as far as the worldwide cryptocurrency market is concerned. The local government has been hard at work developing a roadmap through which both the crypto industry as well as utilization of blockchain technology can be developed and worked upon consistently.

The country is just another member on the growing list of nations that are gradually accepting cryptocurrency and blockchain technology even though these countries may not have necessarily been in favor of it. Both cryptocurrencies and the practical utilization of blockchain technology have certainly exploded in popularity lately, and many are using this kind of technology in ways perhaps previously unthought-of such as VeChain being used to help in the fight against the Covid-19 pandemic in Cyprus and Cardano being used to increase educational attainment in Ethiopia.

Clients and local banks to play a part

Many state officials and government authorities have thus reviewed several key proposals in an attempt to address the country’s continued cryptocurrency development and to potentially reconsider the government’s approach towards how the cryptocurrency operations will be regulated. To this end, officials have hence come up with the idea to operate the cryptocurrency exchanges through the use of a local financial hub, namely Astana International Financial Centre. 

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In related news, the state seemed to suggest setting standards to which the cryptocurrency exchanges must adhere and through which these exchanges may interact with the local banks as well as the clients.

Need for increased transparency

The whole idea behind this initiative is to hopefully improve both the transparency as well as the organization as far as the local cryptocurrency industry may be concerned. The need for this was made apparent when it had been revealed that only the mining companies were active participants of the local market in the country, and the fact that an entire variety of different companies are not contributing needs to be addressed.

Lastly, Kazakhstan has been steadily adopting a more committed and serious attitude regarding the use of cryptocurrencies and various digital assets in the country, as was made apparent last week when an official report had been filed by the nation’s central bank. This report outlined details about the possibility of a Kazakhstan CBDC, which the country has also been working on for a little while now.

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Mubashar Nawaz (United Arab Emirates)

Mubashar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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