- The President of Kazakhstan has announced plans to establish CryptoCity, where cryptocurrencies will be legally accepted for purchasing goods, services, and real estate.
- This initiative aims to create a controlled environment to test and develop regulations for digital assets, supporting the growth of blockchain technology and the country’s digital economy.
Kazakhstan is set to launch an ambitious project called CryptoCity, a designated area where using cryptocurrencies for everyday transactions will be permitted and regulated.
President Kassym-Jomart Tokayev announced this plan as part of the country’s efforts to advance its digital landscape and embrace blockchain technology.
Finally, we are planning to create a pioneering pilot zone called CryptoCity where cryptocurrencies might be used for purchasing goods, services, and even beyond,
he stated.
Details of the CryptoCity Initiative
President Kassym-Jomart Tokayev outlined the government’s vision for CryptoCity as a pioneering pilot zone. The main idea is to create a legal environment where businesses and individuals can use cryptocurrencies to pay for a wide range of things, including goods, services, and even real estate.
This area will act as a testing ground, allowing regulators to monitor and understand the use of digital currencies in a controlled setting.
The goal is to make cryptocurrencies a recognized and functional payment method, which the government believes will help attract more developers and investors interested in the digital asset space. President Tokayev stated,
We are planning to create a pioneering pilot zone called CryptoCity where cryptocurrencies might be used for purchasing goods, services, and even beyond.
The city of Alatau has been chosen as the location for this CryptoCity. Alatau was selected because it already has existing technology and research infrastructure, including the Kazakhstan Innovation Technology Park and scientific institutions.
This established tech base is expected to support the development of blockchain and digital finance within the pilot zone. Officials believe this will create positive interactions and encourage economic growth, similar to digital asset adoption trends seen in other countries.
The government is working on the specific rules and laws needed for this zone. The aim is to allow cryptocurrencies to be used legally in various sectors, including retail, hotels, and the property market. By doing this, authorities hope to attract IT professionals, create jobs, and position Kazakhstan as a leader in blockchain innovation among Central Asian nations.
Beyond just payments, the pilot zone will also be used to test other blockchain-based systems, such as digital identity verification and new taxation models. The insights and lessons learned from running CryptoCity are expected to help shape Kazakhstan’s broader laws and regulations for digital finance in the future.
This CryptoCity project fits within President Tokayev’s larger vision for modernizing Kazakhstan’s government and economy through innovation while maintaining stability. The focus on investing in technology and digital transformation is a key part of the country’s goal to become a leading IT hub in Eurasia.
The initiative demonstrates Kazakhstan’s commitment to developing future-ready economic systems.
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