Wednesday, October 18, 2017

Kazakhstan to get into the cryptocurrency game with their own sovereign currency

The latest country to suddenly jump on the sovereign cryptocurrency bandwagon is one that has ties to both the Eurasian Economic Union (EEU), and to China's new Silk Road.

On Oct. 18, the Central Asian country of Kazakhstan announced they are in the works to create their own sovereign cryptocurrency, and work towards bringing their financial system onto the Blockchain.

Kazakhstan, a major Central Asian economy, announced its plans to launch its own cryptocurrency, backed by fiat currency. According to an official announcement, the government-supported Astana International Finance Center (AIFC) has signed a deal with the Malta-regulated financial services provider Exante. 
Under the agreement Exante will launch the Stasis platform, which will serve as the foundation for Kazakhstan’s digital asset. AIFC and the company also agreed to cooperate on the development of the country’s regulation on digital assets and markets. 
“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,” said the Governor of the AIFC, Kairat Kelimbetov. 
In August the Kazakhstan business channel Atameken, claimed Kazakhstan was actually planning the release of two cryptocoins: Altunkoin and Eurasiancoin. According to the publication, both were to be launched in the second half of 2018. The Altunkoin is to be backed by the gold reserve and would cost $50. It would serve as a loyalty program and be used as payment in some restaurants, hotels and airlines. The Eurasiancoin, according to the report, could be used in the Eurasian economic space. – SMN Weekly

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