Kazakhstan intends to move into the cryptocurrency market – with its very own fiat-backed digital asset.
The country's government-supported Astana International Finance Center (AIFC) said Tuesday ithad already signed a deal of cooperation with Maltese firm Exante.
In a press release, Exante, who calls themselves a "next generation investment company," said it would collaborate with the AIFC to cultivate the ex-Soviet nation's untapped cryptocurrency market.
Blockchain and cryptocurrencies are flowing into the conventional ways of today's economic reality, alleged by Kairat Kelimbetov, governor of the Astana International Finance Center, presented in the press release on Tuesday.
Astana's one of the most prominent financial regulators have already instigated their work and are putting down the groundwork for Kazakhstan's fintech-ecosystem. We believe that the AIFC can turn out to be a worldwide hub for blockchain operations and the expansion of the digital assets market is our key and main concern for the near future.
Government-backed cryptocurrency
Kazakhstan would keep an eye on in the footsteps of a number of countries and regulators to point out interest in its own cryptocurrency.
In August, Estonia put forward its own state-backed digital asset, which would be called "estcoin". The small Eastern European nation said it was taking into consideration the launch of estcoin through an initial coin offering (ICO) — a crowdfunding method that has put away much scrutiny in recent weeks.
And last month, Japan made signs that the probable launch of its own digital currency, called J-Coin.
Kazakhstan's way in into the digital currency ecosystem would be given support to by Exante's new blockchain platform, 'Stasis'.
Blockchains are digital ledgers or registers or archives that record cryptocurrency business deals on encrypted or coded "blocks" across a spread out network of computers.
The expansion of such a structure will link the gap in the middle of the traditional asset market and the crypto-world assumed by Anatoly Knyazev, co-founder of Exante said. They see finely tuned interest from the market players, and they already have solicitations and diligences from other government-related financial institutions.
The technology is being carried out on trial in a "closed mode" at present, and Exante didn't point out a timeline for commercial launch.
The disseminated ledger technology has already obtained the responsiveness of numerous national governments. For that reason, Kazakhstan has been taking the initiative and steps to become a global entrepreneur in this field.
The newer generation investment company EXANTE and Astana International Financial Centre authorized a document of cooperation in order to cultivate the cryptocurrency market in Kazakhstan and to place the AIFC as an international technology expertise center.
Earlier, AIFC announced its intention to create a crypto-valley on the territory of EXPO-2017. The first step in inaugurating Astana as a crypto-valley is going to be to formulate the draft of rules and regulations concerning digital assets. The development of the legal framework is predictable to be at large in the upcoming weeks.
This superficial zest for cryptocurrency on the part of the Kazakstani government gives the notion that it is to be harmonized by the domestic trading population, with Kazakh Localbitcoins’ listings displaying record-breaking volume in recent weeks.
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