The central bank will determine whether to launch its digital currency by the end of 2022, according to the chairman.

While Kazakhstan’s government works to catch up with the massive amount of crypto mining in the nation by enacting new taxes and regulations, the local central bank plans to investigate the opportunities that crypto provides.

During a press conference on Tuesday, June 7, the chairman of Kazakhstan National Bank Galymzhan, Pirmatov, emphasized that the country intends to profit from the technologies that the bitcoin market may bring. He stressed the allure of innovation while raising concerns about the threats to macroeconomic stability. The bank, according to the official, is not late to the game:

“I don’t think that the National Bank is a latecomer. Like many other banks and financial regulators across the globe, we’re watching closely and researching the question.”

Primakov did not reveal any specifics regarding the bank’s potential stance on cryptocurrency and cautioned that it is too early to discuss legality, while conversations with market players are planned:

“Our strategy is straightforward: we will not neglect this market.” We aim to make the most of the inventive possibilities that these technologies provide.”

The CEO also disclosed information regarding the National Bank’s central bank digital currency (CBDC) initiative. He stated that the bank still plans to announce its technique on a digital tenge by the end of June. According to reports, the final decision on adopting the CBDC will be taken in accordance with that methodology by the end of the year.

The CEO also revealed details on the National Bank’s central bank digital currency (CBDC) plan. He indicated that the bank intends to reveal its method on a digital tenge by the end of June. According to rumors, the final decision on implementing the CBDC will be made using that process before the end of the year.