Kazakhstan Is Not Late to Embrace Crypto: National Bank Chairman

The National Bank of Kazakhstan is warming up to cryptocurrencies, but not at the same pace as some governments that have legalized the trading of cryptocurrencies on their lands.

At a recent press conference, the National Bank Chairman, Galymzhan Pirmatov was asked if the country came late to the crypto party.

Pirmatov responded that the country is not in any way late to the crypto space, noting that it has taken out time to carefully observe the space over time. "I do not think that the National Bank is late. We, like many central banks and financial regulators in the world, are carefully observing and studying this issue,” Pirmatov said adding that the bank is somewhat holistic in its approach to the ecosystem with considerations for miners, Decentralized Finance (DeFi), and all innovations associated with the industry.

“We are talking about decentralized finance, where we are attracted by the possibility of innovation. That is, we do not keep the issue of miners or about some separate part. We are interested in the opportunities for innovation that these new technologies give us.”

Based on this, Pirmatov said the bank is going to continue making consultations in order not to introduce a policy that will affect macroeconomic stability and “the interests of consumers of financial services.”

Kazakhstan is notably putting its money where its mouth is, and per the consultation move, it recently inked a partnership with Binance exchange in the latest visit of Changpeng Zhao to the country.

The partnership will see the trading platform, recognized as the biggest in terms of trading volume, advise the government in terms of the policy as it relates to its push to bring regulations into the growing crypto ecosystem.

Pirmatov affirmed that the country will no longer ignore the crypto market and will be open to the best of the innovation the space has to offer.