Kazakhstan to introduce national virtual asset reserve and promote blockchain city development
Summary
- Kazakhstan announced it will establish a National Digital Asset Fund to stockpile promising virtual assets.
- It said it will develop the Alatau region into a blockchain-based digital city to promote the everyday use of virtual assets.
- The government said it will pursue legislation to establish an institutional framework for virtual assets and blockchain by 2026.
Central Asian country Kazakhstan is adopting blockchain and virtual assets (cryptocurrencies) at the national level.
On the 9th (Korean time), according to virtual asset specialized media Coindoo, Kazakhstan President Kassym-Jomart Tokayev said in his annual state of the nation address that he would establish a 'National Digital Asset Fund' managed by the Central Bank Investment Company to stockpile promising virtual assets.
President Tokayev also said he would develop the Alatau region in the southeast into a blockchain-based 'fully digital city' to enable the use of virtual assets in everyday life.
At one time Kazakhstan accounted for more than 13% of global Bitcoin (BTC) mining, making it a country with high virtual asset adoption. However, since then, problems such as illegal operations have grown, and much of its share has been taken by other countries.
The government plans to establish an institutional foundation for virtual asset and blockchain plans by 2026 through enacting related legislation.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
![[Analysis] "XRP risks repeating the 2022 rout…most short-term investors in the red"](https://media.bloomingbit.io/PROD/news/845f37bb-29b4-4bc5-9e10-8cafe305a92f.webp?w=250)
![[Exclusive] “Airdrops also taxable”... Authorities to adopt a ‘comprehensive approach’ to virtual assets](https://media.bloomingbit.io/PROD/news/4bde9dab-09bd-4214-a61e-f6dbf5aacdfb.webp?w=250)