Kazakhstan is set to establish a pilot zone called 'CryptoCity' where cryptocurrencies can be utilized for transactions, as announced by President Kassym-Jomart Tokayev. The initiative aims to test cryptocurrency adoption in a regulated environment. The country's first vice minister of digital development, Kanysh Tuleushin, believes Kazakhstan could become a leading crypto hub in Central Asia with eased regulatory restrictions. A recent pilot project with a central bank digital currency reduced VAT refund wait times. The government is currently determining the ideal location for CryptoCity, with Alatau being a top contender. Alatau, known for its research institutions and special economic zone, could attract developers and IT specialists, fostering economic growth. The city is envisioned to have crypto-friendly legislation, allowing for the free circulation of cryptocurrencies as a legitimate payment method. This development aligns with Kazakhstan's goal to embrace the digital economy. Read more AI-generated news on: https://app.chaingpt.org/news

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