Kazakhstan Wakes Up To Cryptocurrency

Kazakhstan has already taken various steps to investigate the potential behind both Blockchain and Bitcoin, appearing to adopt a more broadly tolerant attitude in contrast to neighboring Russia.

In July, a ‘Blockchain pact’ in conjunction with Russian platform Waves saw participants air the wish to become the “Blockchain Singapore.”

Kazakhstan is considering state licensing of a Blockchain and cryptocurrency lobby group to promote usage and acceptance of the emerging technology.

As local news outlet Astana Times reports referencing Kapital.kz, the Blockchain and Cryptocurrency Association has applied for recognition from the country’s government as a legal entity to begin official activities.

The country is also sponsoring its own state cryptocurrency, the CryptoTenge, a digital asset tied to fiat which would likely function in a similar way to Russia’s CryptoRuble.

At the same time, however, cryptocurrencies such as Bitcoin look set to enjoy a more supportive future.

“Our main goal is to prescribe the rules of the game in the Blockchain market and cryptocurrency in Kazakhstan together with the regulator the National Bank”, Astana Times quotes Association Chair Yessin Butin as saying.

“There are no companies operating in the Blockchain market in Kazakhstan, but there are more companies that see the promise of technology for themselves.”

Competition is hotting up among CIS nations to find the magic recipe for crypto, with contrasting approaches emerging on an increasingly frequent basis.

This week also saw Belarus announce it would potentially legalize Bitcoin exchanges and make the government-approved outlets more widely available.

Butin added:

“People are looking for an alternative and find it in the form of cryptocurrency.”

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