CryptoCity may be built in Alatau – minister

Tengrinews.kz - Kazakhstan's Minister of Digital Development, Innovation and Aerospace Industry, Zhaslan Madiyev, has revealed where the country’s planned CryptoCity might be built.
On the sidelines of the Astana International Forum (AIF), Madiyev said the city is likely to be established in Alatau, a new urban development project initiated by the President.

"Yes, the President voiced this idea. The government and regulators are currently working together to determine the most suitable location. Of course, the most promising place for CryptoCity is the new city of Alatau – it’s the President’s initiative. The concept is that cryptocurrency would be used as a means of payment – to pay in restaurants, cafes, buy real estate, make investments. I believe this could be a major breakthrough for the blockchain industry," he said.

According to Madiyev, the creation of CryptoCity would attract developers, programmers, and IT specialists to Kazakhstan, giving a new boost to economic growth.

"Right now, we need to work on the regulatory framework. The city itself is already under development, but we must establish the necessary regulatory environment. CryptoCity implies free circulation of cryptocurrency, crypto-friendly legislation, and crypto as a legitimate means of payment. These conditions need to be reflected in the law," he added.

Earlier, during the opening plenary session of the AIF, President Kassym-Jomart Tokayev announced plans to create an innovative zone called CryptoCity in Kazakhstan.

"We plan to establish a pioneering pilot zone called CryptoCity, where cryptocurrencies can be used to purchase goods, services, and for other purposes," the President stated.

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