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Kazakhstan Roots for International Cooperation in Crypto Regulation

Cryptocurrency

The president of Kazakhstan, Nursultan Nazarbayev, has called on world governments to establish common rules regarding the regulation and use of Cryptocurrency, local news outlet Azernews reported may 17

Speaking at the Astana plenary session of the Global Challenges Summit 2018, President Nazarbayev stated that “most nations were actively studying the possibilities of adapting digital currency use to their current financial systems settings but are doing it discretely.”

“At the same time, we see completely separate actions of states in this issue. And these different actions will lead to inefficiency. It is necessary to start developing common rules.” President Nazarbayev Noted.

President Nazarbayev also suggested creating a G-Global site on the UN’s base to discuss “new world trade outlines”.

The Kazakhstan president is very optimistic about digital currencies and their potential even though the head of the Kazakhstan central bank holds a different opinion.  Kazakhstan head of central bank stated last month that he was in favour of banning the use of digital currencies and mining activities given the risks they pose to the national currency.

Kazakhstan’s interest in cryptos has been monumental. A report released by Yandex, a web search engine in March shows that the Kazakhs have been more frequently searching for crypto-related terms this year, as compared to 2017.

Last year October, local news outlet Astana Times reported that the Blockchain and Cryptocurrency Association has applied for recognition from the nation’s government as a legal entity to begin official activities. Around the same time, Astana International Finance Center (AIFC) announced that they had inked a deal with Maltese firm Exante, with the aim of developing Kazakhstan digital asset market.

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