Kazakhstan Turns To Blockchain Technology

Kazakhstan Turns To Blockchain Technology

A newly founded group wants to be formally recognized as Kazakhstan’s Blockchain and Cryptocurrency Association. Their goal is to popularize blockchain tech.

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Currently, cryptocurrencies are the thing in the world and more countries are recognizing and embracing their use. Kazakhstan is set to become the newest nation using the bitcoin cryptocurrency following reports that a conglomerate of companies has put in a formal application to become legally recognized. The group wants to be formally recognized as Kazakhstan’s Blockchain and Cryptocurrency Association. The group is aiming to roll out the cryptocurrency uptake in the country rolling despite it has dragged its feet in embracing the new technology that is growing more popular with each day passing.

Eagerness to Embrace Blockchain Technology

At the moment, there is no company present in Kazakhstan that has embraced the blockchain market, but there are a few that have seen the benefits they stand to enjoy the technology. This was according to the views expressed by Yesset Butin, the co-founder as well as council chairperson of the freshly-created group. Butin explained that the new association aims to prescribe the guiding principles of the blockchain market in the country together with the country’s banking authorities. The association is working on coming up with a sound legislation to help the country embrace blockchain technology. Kazakhstan’s business owners seem to have seen the huge possibilities that the new technology has in store and are eager to join the bandwagon. In mid-November when the association applied to be registered as a legal entity, it had only six founding members but since then an additional 15 have prescribed for membership.

Hot on Heels

Kazakhstan is not the first state to go this direction, as other states are also hot on heels with Belarus announcing that a similar association is looming. There are other similar associations that were set up and have been running for a few months like the Russian Association of Blockchain and Cryptocurrency (RACIB). BioCoin, the first ever ICO in Russia to comply with all the fresh legal framework setup recently was established on November 1st. Butin holds that Kazakhstan ought to emulate Russia by coming up with the necessary infrastructure and legal framework in order to ensure that the blockchain technology will work well in the country. As far as the market potential is concerned, Butin stated that it was still early to make estimates. Apart from coming up with new regulations, the new association is mulling over teaming up with universities to introduce courses on blockchain.

Lastly, Butin feels that a cryptocurrency supported by the government and provided by the National Bank will augment the creation of a legit platform to exchange bitcoins. Cryptotenge, which was named after the fiat currency used in Kazakhstan, is finally on the path to reality. In November, Astana International Finance Center (AIFC), which is backed by the government, announced its partnership with Exante, based in Malta to come up with the country’s digital token. AIFC aims at placing the region as an international cryptocurrency hub.