Kazakhstan, known for its oil fields, now wants to become famous as a cryptocurrency oasis. President Kassym-Jomart Tokayev has officially announced the creation of CryptoCity, a zone where bitcoin will become as common a means of payment as cash.
And this is not another "crypto pilot", but an ambitious attempt to integrate digital assets into the real economy. According to the authorities, in CryptoCity you can buy everything - from a cup of coffee to an apartment, using only cryptocurrencies. The main site for the experiment was chosen to be the satellite city of Alatau, which is already positioned as a "smart city of the future".
"We are consistently moving towards the digital transformation of the economy," Tokayev said. For a country where oil was the main export commodity just 10 years ago, this turn looks revolutionary.
Digital Development Minister Zhaslan Madiyev clarifies: "CryptoCity should become a magnet for blockchain startups and crypto investors." The authorities expect that a special legal regime and tax breaks will attract new "digital nomads" to the country.
At the same time, the National Bank of Kazakhstan is preparing regulations for crypto exchangers that will receive official licenses. This is an important step - after all, without a convenient exchange between crypto and fiat, the whole idea loses its meaning.
Experts are still reserved in their assessments. But the very fact that a country with a population of 20 million decided to undertake such an experiment already says a lot.
If the plan succeeds, Kazakhstan can become a unique example for the entire post-Soviet space - a place where cryptocurrency has come out of the underground and become part of everyday life. For now, CryptoCity is a bold move, the success of which only time will tell.
One thing is for sure: observing the Kazakh experiment, other CIS countries will certainly think about whether to follow their example? After all, in the era of the digital economy, oil and gas are no longer the only way to attract investment.