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Kazakhstan’s Central Bank Will Not Ignore the Cryptocurrency Market, Says Chairman

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Galymzhan Pirmatov, chairman of the National Bank of Kazakhstan, said the financial institution is intrigued by the cryptocurrency industry. Thus, he does not plan to ignore it, but rather explores its potential, he stated.

Cryptocurrency can help innovation

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At a recent press conferencePirmatov stated that the central bank of Kazakhstan is closely monitoring the digital asset and decentralized finance (DeFi) sectors. In his opinion, they have the opportunity to modernize the financial network by introducing technological innovations:

“We are interested in the opportunities for innovation that these new technologies give us. Therefore, we will hold these discussions so that our decisions do not negatively affect macro-stability and the interests of financial consumers.”

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Pirmatov went even further, emphasizing that the National Bank of Kazakhstan is not going to “ignore this market.” Employees of the organization are already aware of this approach and are “very actively working in this direction.”

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Asked if digital assets should be urgently brought under government control, the central banker replied: “It’s too early” for such a move. He said the authorities have yet to discuss the issue and decide how to resolve it.

Today Pirmatov said Kazakhstan is working on launching a digital form of its national currency (tenge). The National Bank must announce the project methodology by the end of June, and the final decision will be made in the fourth quarter of 2022.


Galymzhan Pirmatov, Source: Twitter

Place of Kazakhstan on the crypto scene

In recent years, the Asian country has become one of the major players in the industry. Last summer, the government authorized local banks to offer digital assets to customers. The service will be available until the end of July, while the authorities decide whether to extend it.

Kazakhstan is primarily known as one of the leaders in cryptocurrency mining. Latest data showed that it accounts for more than 13% of the global hash rate, behind the US (37.8%) and China (21.1%).

However, the government of Kazakhstan is hostile towards unauthorized miners. In February of this year, 13 such enterprises were shut down, which together used more than 200 megawatts of electrical power.

Two months later, the Minister of National Economy, Alibek Kuantyrov, announced that his team was planning to introduce a tax plan that would be tied to the price of bitcoin. In particular, the higher the valuation of the main cryptocurrency in US dollars, the higher taxes miners must pay.

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