The president of Kazakhstan, Kassym-Jomart Tokayev has pressed his plan to form a “complete” cryptographic ecosystem by creating a reserve fund backed by the State.
“It is advisable to create a State Fund for Digital Assets based on the National Bank’s Investment Corporation,” he said in his annual speech on Monday.
He said the structure will accumulate a strategic cryptography reserve consisting of “promising assets.”
Tokayev has urged the government to review tax incentives for investors, adding that “priority should be given to projects that are significant and beneficial for the country’s economy.”
The $ 1b plan of President Tokayev in the high -tech and Fintech sectors
In addition, the president announced plans for up to $ 1 billion in a program aimed at promoting technological growth. “The government must prepare it together with the National Bank,” he said.
In addition, he asked the second level banks to actively invest in the real sector, which emphasizes that the initiative should begin immediately.
President Tokayev also said that it is important that the National Bank and the Kazakh government find effective ways to maximize the amount of money that banks can put in the economy.
These laws must address “issues of attracting new market participants, promoting technologies in the financial system and liberalizing the circulation of digital assets.”
INTRODUCTION OF DIGITAL TENGE
President Tokayev promised to expand the Digital Tenge, which is already being used to finance projects through the National Fund.
“The Digital Tenge can be used in the Republican and local Budgets, as well as in the budgets of state holdings,” he added.
In addition, he emphasized the benefits of mass digitalization, at the same time warning about cybersecurity risks. The president pointed out the growing threat of online fraud and the creation of an anti-fraud center to combat cyber crimes.
“It is necessary to create a smarter system that allows cyber crime prevention,” he said.
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