Kazakhstan Warms Towards Bitcoin as Local Currency Freefalls
Kazakhstan’s national fiat currency, the Tenge, has been falling for decades, recently, hitting a record low. Meanwhile, interest in Bitcoin is growing, and volumes have been steadily rising in the Central Asian country. Kazakhstan’s Currency Problems. The Central Asian country was the last Soviet republic to declare independence back in 1991 when the....
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President Tokayev said Kazakhstan will give full legal recognition to digital assets if demand persists while they continue testing security concerns.
Authorities in Kazakhstan have introduced restrictions on the amounts of cryptocurrency retail investors can buy on local exchanges. Officials explained the decision citing the need to protect private individuals from exposure to the risks associated with digital financial assets.
Investors in Kazakhstan Can Buy up to $1,000 in Crypto a Month Without Declaring Income
Kazakhstan has adopted limits for crypto purchases made by retail investors on the exchanges registered at the Astana International Financial Centre (AIFC), the local business news portal Capital reported, quoting....
Crypto farms in Kazakhstan will remain unplugged until Feb. 7, as the local utility has extended power cuts for miners. The company points to ongoing difficulties with electricity supply as the main reason for the measure, which was supposed to expire at the end of January.
Mining Facilities in Kazakhstan Still Shut Down
Data centers authorized to mint digital currencies in Kazakhstan will not be able to operate at least until next Monday, Feb. 7, after the country’s power distribution company extended previously introduced supply restrictions for another week.
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One of the world’s biggest Bitcoin mining countries is still thinking about whether it needs a central bank digital currency. Kazakhstan, one of the world’s largest countries in terms of Bitcoin mining hash power, is continuing to explore a potential central bank digital currency (CBDC).The National Bank of Kazakhstan has completed a prototype of a digital tenge platform, governor Erbolat Dossayev announced, according to a report by local news agency Kazinform.The central bank is now preparing to publish preliminary results of digital currency testing and a pilot CBDC project on Wednesday,....
A new project in Kazakhstan aims to enable local crypto businesses to provide crypto investment services legally. The Kazakhstan government is reportedly planning to officially authorize local banking institutions to open bank accounts for cryptocurrency transactions.Several banks in Kazakhstan will soon be officially approved to service companies and businesses providing exposure to cryptocurrencies like Bitcoin (BTC), local news channel Khabar 24 reported Sunday.Citing executives from the Data Center Industry and Blockchain Association of Kazakhstan, the report notes that it is unclear....