Blockchain technology and crypto-currencies started the interest of various governments and while Russia is working on issuing its own CryptoRubble, Kazakhstan seems to be ahead of it.
In 2015, in Astana, was founded the International Financial Center with tasks including the attraction of investments, development of the securities market, insurance and banking services.
Astana International Financial Centre (AIFC) is a financial hub for Central Asia, the Caucasus, EAEU, the Middle East, West China, Mongolia and Europe.
Kazakhstan made a first step into developing its own crypto coin. Astana International Financial Center has reached an agreement with Exante, for developing the country crypto-assets market. The investment fund Exante will launch a platform that will serve as a first layer for the new digital asset secured by fiat. The platform called Stasis will create a new digital asset with regular state audit, provided with traditional financial instruments
Kairat Kelimbetov, the Governor of the Astana International Finance Center and ex-Governor of Kazakhstan, said the following:
“Blockchain and cryptocurrencies are entering the mainstream of today’s economic reality. Astana’s leading financial regulators have already commenced their work and are laying the foundation for Kazakhstan’s fitech-ecosystem. We believe that the AIFC can become an international hub for blockchain operations and the development of the digital assets market is our key priority in the near future,”
Gregory Klumov, co-founder and CEO of Stasis, shares this optimistic forecast for the blockchain market:
“Blockchain technology has several indisputable advantages: transparency, immutability, relatively fast transactions, and reduced cost. These factors are more than enough for a bullish tendency to come. The Global Money Supply (M2) figure is growing at 6% per year and stands at about $50 trillion currently (ex China). Digital assets market will double every two years till at least 2021. We are working on a backbone of the blockchain world, that will close the gap between emerging decentralized finance and the people.”
Before this, there were rumours about the Russians being afraid that another country will come up first with a crypto coin, before the Cryptorubble. It is possible for that country to be actually Kazakhstan, considering that it is among the small number of members of the Eurasian Economic Community.