Kazakhstan is ready to launch its own cryptocurrency

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Astana International Finance Centre (AIFC), a government-supported agency, said that it signed a partnership to develop a national cryptocurrency. Is not the first country that has proposed to create its own cryptocurrency, Russia announced it some days ago.

Kazakhstan’s AIFC, along with Exante, a Maltese investment company, are working on a national cryptocurrency. “Blockchain and cryptocurrencies are entering the mainstream of today’s economic reality”, expressed the Governor of the AIFC, Kairat Kelimbetov.

Kazakhstan wants to become a fintech hub

Kazakhstan is one of the strongest countries in Central Asia. Its GDP was 133.7 billion USD in 2016, and is expected to grow in 2017. This Asian country is willing to become one of the world’s fintech hubs and attract the attention of cryptocurrency businesses.

“Astana’s leading financial regulators have already commenced their work and are laying the foundation for Kazakhstan’s fintech-ecosystem. We believe that the AIFC can become an international hub for blockchain operations. The development of the digital assets market is our key priority in the near future”, stated Kairat Kelimbetov as reported by news.bitcoin.com

In this way, the AIFC is trying to become the most friendly cryptocurrency countries in the region. This decision breaks with the idea that Kazakhstan had some years ago. In order to protect the banking system, Kazakhstan Central Bank was discussing the idea of banning cryptocurrencies, coindesk explained.

Kazakhstan’s cryptocurrency competitors

Some days ago, CoinStaker covered Russia’s intentions to create a national cryptocurrency. Russia wanted to be the first in making this announcement.

Nikolay Nikiforov, Russian Minister of Communication and Mass Media stated that if Russia will not issue its own cryptocurrency, then another country from the Eurasian Economic Commision will do it first. The comment was related to Kazakhstan.

“The United States and Singapore want to equate the activities of crypto-economic with ordinary activities in the financial sphere. In Switzerland, this direction is strongly encouraged. Japan supports some cryptocurrencies as a means of payment. We want to say that in this direction AIFC will be on the “edge” concerning understanding the processes that are taking place. But on the other hand, we are responsible for issues of financial stability and regulation of certain financial institutions.”, Kelimbetov commented.

Kazakhstan is trying not to be behind in the development of a cryptocurrency industry. At the same time, the government is searching for the best equilibrium between cryptocurrencies and financial stability.

Kazakhstan’s Fintech Sector is developing

Kelimbetov has also said that the AIFC is going to join a consortium of hi-tech hubs in the world stage. These hi-tech hubs include leading global banks that are searching for national and regional cryptocurrencies with blockchain technologies.

In addition to it, the AIFC signed a cooperation statement with Microsoft in order to establish a Blockchain innovation Centre. It is a possibility that this innovation centre will host an upcoming expo where the AIFC hopes to strengthen international perceptions of the fintech industries in Kazakhstan.