The National Bank of Kazakhstan may create stablecoin as an investment tool, for which it is studying the experience of other countries in this area. As the bank’s deputy chairman Berik Sholpankulov stated at a briefing in the Senate, work is currently underway with industry participants, and proposals are expected from them.
According to him, the project will be adapted within the framework of the regulatory sandbox, as a result of which the corresponding changes to the legislation and the draft law will most likely be presented this summer.
The regulatory sandbox will allow participants to test digital financial assets without having to register on the exchange or obtain a license, the official said. He emphasized that such assets will not be a means of payment.
The bank’s representative noted that market participants will be able to buy and sell the asset, and this is being done so that they can independently engage in the issue of such assets.
Let us recall that several days ago, the President of Kazakhstan Kassym-Jomart Tokayev announced the need for urgent creation of infrastructure for the legal circulation of digital assets, including cryptocurrencies.
The head of state called on financial regulators to work out issues related to changes in legislation to attract additional investment into the industry from other countries.