The head of the Central Bank of Kazakhstan: “We are studying how to benefit from cryptocurrencies”

Chairman of the National Bank of the Republic of Kazakhstan Galymzhan Pirmatov said that the regulator is ready to explore the opportunities offered by the cryptocurrency market.

At a press conference, Galymzhan Pirmatov report reported that Kazakhstan plans to explore the potential of decentralized finance (DeFi), given the possible risks for consumers of financial services and macroeconomic stability. The official warned that it is too early to talk about the legalization of cryptocurrencies, but the regulator is ready to interact with participants in the crypto industry. It was recently announced that the Binance marketplace will assist the Kazakh authorities in developing regulations that will allow the integration of digital assets in the banking industry and the introduction of blockchain in various fields of activity.

“I don’t think the National Bank is late. Along with other central banks and financial regulators, we are looking closely at how we can benefit from the latest technology. Our approach is very simple: we are not going to ignore the cryptocurrency market,” Pirmatov said.

Chairman of the Central Bank of Kazakhstan announcedthat by the end of June, the regulator will provide detailed information on the decision-making methodology regarding the launch of its own digital currency. The final verdict on the introduction of the digital tenge should be made before the end of the year. In May, the Bank of Kazakhstan has already started public hearings on the benefits of launching a digital tenge, which is designed to help improve the country’s financial sector.

In early May, the government of Kazakhstan expanded the registration and reporting requirements for miners due to the shortage of electricity. According to recent data from the State Revenue Committee of the Ministry of Finance of Kazakhstan, in the first quarter of 2022, miners replenished the state budget by $1.5 million.