In fact, it has been since March that trading volumes in KZT on LocalBitcoins have started to grow significantly, while the real surge began in mid-April.
It is assumed that this may be due to an increase in demand for BTC in the country, probably driven by a rate of inflation that makes the local currency a not particularly good store of value, bitcoin a tenge prompting some citizens to convert part of their currency into bitcoin.
The Kazakh tenge is also devaluing significantly in the last month against both the US dollar and the rouble of neighbouring Russia and this could in some way harm the Kazakh people who, for example, wish to buy goods from abroad.
It should not be forgotten that the Kazakh economy is mainly based on the export of hydrocarbons, so it is plausible to imagine that many Kazakhs are used to buying goods not produced in the country but imported from abroad.
However, the initiative of the blockchain company Bitfury with the Astana International Financial Centre AIFC could also have favoured the diffusion of bitcoin, thanks to which Bitfury plans to open a data centre in Kazakhstan to collaborate with the city administration of Nur-Sultan.