Is Kazakhstan the next cryptocurrency hotspot?

Back in 2014, Kairat Kelimbetov, then-head of Kazakhstan’s National Bank suggested that Bitcoin could be “a form of financial pyramid scheme.” The common belief among Kazakhstani officials was that cryptocurrencies could undermine the country’s already struggling tenge.The tenge absolutely was struggling, though.
Nearly 80 percent of the Kazakhstan National Bank’s reserves, deposited from customers, are not kept in tenge, the country’s national currency.