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Home » Kazakhstan Is Working On Fully Legalizing and Using Crypto 

Kazakhstan Is Working On Fully Legalizing and Using Crypto 

KAZAKHSTAN

More and more countries are taking the initiative to accept cryptocurrency and legalize it. Before we heard about Nigeria, Georgia, etc., Kazakhstan has become one of them. The president of Kazakhstan has announced that they are working on legalizing crypto in cryptocurrency. 

According to a report by the local news agency Informburo on September 28, President Kassym-Jomart Tokayev said that if there is a demand Kazakhstan is prepared to legalize a system that will be used for converting crypto to fiat. 

Tokayev highlighted during his speech at the international conference Digital Bridge 2022 that Kazakhstan wants to lead the world in digital technology, the cryptocurrency ecosystem, and controlled mining. He mentioned that Kazakhstan’s national law has been modified by the government in order to test a mechanism for converting cryptocurrency at the Astana International Financial Centre.

He further added 

 “We are prepared to move forward. This financial instrument will undoubtedly be given full legal status if it continues to be relevant and secure.” The initiative might be completely legalized and expanded, depending on how well the trial goes.

The first regulated crypto purchase for fiat in Kazakhstan has also been done by the Eurasian Bank and Intebix. This program will also involve companies like ATAIX exchange, Halyk Bank, Altyn Bank, etc. 

What is Russia’s Partial Mobilization and its effect on Kazakhstan?

On September 21, Russian President Vladimir Putin announced a partial military mobilization, placing the population and economy of the nation on a level footing as Moscow’s invasion of Ukraine continued. A partial mobilization is a strange idea, but it would require larger wartime contributions from Russian companies and residents.

This decision by Russian President Vladimir Putin of putting partial mobilization of forces to fight in Ukraine led to hundreds or more Russians invading Kazakhstan. By September 21 the usage of Mir payment cards was also suspended by the Halyk Bank in Kazakhstan, this was done  In response to the Treasury Department of the United States’ warnings about sanctions. 

On this Putin said, 

I’ll say it again: we’re talking about partial mobilization, which means that recruitment will only apply to individuals who are currently in the reserve, and especially those who served in the armed forces with a certain military specialization and necessary expertise. Before reporting to the units, draftees will be required to undergo further military training based on the lessons learned during the special military operation, he added, according to a translation by the Associated Press.

For more content related to cryptocurrency, check out the Suncrypto Academy.

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