Kazakhstan has announced the creation of the CryptoCity project, allowing the use of cryptocurrencies for everyday transactions.
Goals and Objectives of CryptoCity
President Kassym-Jomart Tokayev stated the creation of CryptoCity will serve as a pilot zone for the legal use of cryptocurrencies. The main aim of the project is to establish a regulated environment where cryptocurrencies can be used for purchasing goods, services, and real estate. This will allow regulators to test new rules and understand how digital currencies integrate into the economy.
Location and Infrastructure
The city of Alatau has been chosen as the location for CryptoCity due to its existing technological infrastructure. Alatau has the Kazakhstan Innovation Technology Park and research institutions, expected to support blockchain and digital finance development within the zone. This is anticipated to create positive interactions and foster economic growth.
Future Legislation and Innovations
The government of Kazakhstan is working on the rules and laws needed for CryptoCity. Cryptocurrencies are expected to be legally used in various sectors, including retail and real estate markets. This approach aims to attract IT professionals and create job opportunities. The pilot zone will also test blockchain-based systems, such as digital identity verification and new taxation models.
The CryptoCity project is part of President Tokayev’s strategy to modernize Kazakhstan’s economy through innovation, highlighting the country’s commitment to developing future-ready economic systems.
