BAKU, Azerbaijan, September 15. Kazakhstan is considering options for the use of digital financial instruments in international settlements to speed up payments and expand opportunities for Kazakh businesses.
This was announced in a statement published by the press service of the Kazakh government.
"Developing digital financial instruments opens new opportunities to improve international settlements. For Kazakhstan, it is important to assess the potential of such solutions promptly and develop its own expertise in this area. The National Bank, together with relevant stakeholders, should explore the possibility of using such instruments in international settlements. Prospective areas where such mechanisms can increase settlement speed and expand opportunities for Kazakh businesses should be identified," Prime Minister Olzhas Bektenov said at a government meeting.
He also instructed the government to create conditions for developing domestic expertise and technology companies in the digital asset sector.
"Developing the digital asset industry is not only a matter of financial regulation. Modern technologies, software solutions and, of course, highly qualified specialists stand behind this area. It is important that market development builds the relevant expertise within the country. Kazakhstan should be not only a platform for the circulation of digital assets, but also a country that creates its own products and specialists for this industry," Bektenov said.
The Ministry of Artificial Intelligence, together with the Ministry of Science and other government agencies, was instructed to create conditions for developing relevant expertise and fostering Kazakh technology companies.
Bektenov also instructed the Ministry of National Economy and relevant government agencies to establish competitive conditions for the digital asset market.
"The proposed solutions should help return capital to Kazakhstan's economy, develop the domestic market and actively attract international participants. Work on establishing a Committee for Digital Assets and Payment Systems should also be accelerated," Bektenov said.
