ASTANA, Kazakhstan, September 8. It is necessary to accelerate the formation of a full-fledged digital asset ecosystem, said the President of Kazakhstan in his annual address to the people of Kazakhstan, Trend reports.
According to President Tokayev, the government, along with the National Bank, needs to come up with an investment program for high-tech sectors of the economy, aiming for a volume of up to $1 billion.
“To successfully launch a new investment cycle in financing the real sector, it is necessary to involve second-tier banks more actively. This issue has been under discussion for a long time. The time has come to make concrete decisions,” he said.
An important step in this direction will be the adoption of a banking law that takes into account technological changes and the needs of the economy. The law should include measures to enhance competition, attract new players to the market, and address the promotion of fintech and liberalization of digital asset circulation.
The government, together with the Financial Market Regulation Agency, must thoroughly work out this draft law. The president called on members of Parliament to adopt it by the end of the year.
“The formation of a full-fledged digital asset ecosystem must be accelerated. The introduction of the digital tenge, which is already being used to finance projects from the National Fund, contributes to this. Now it is time to scale up the use of the digital tenge within the republican and local budgets, as well as the budgets of state holdings,” the president added.
He further articulated that, in light of prevailing dynamics,
the emphasis should now pivot towards digital currencies.
“A State Digital Asset Fund ought to be established under the aegis
of the Investment Corporation of the National Bank, which will
aggregate a strategic crypto reserve comprising the most promising
assets within the emergent digital financial ecosystem,” the
president articulated.
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