Kazakhstan set up a national blockchain and cryptocurrency association

nRunaway Comment: Kazakhstan set up blockchain and cryptocurrency association, the current structure of the member structures have achieved initial success. Even the country’s central bank is considering issuing CryptoTenge, a digital currency that serves cryptocurrencies and fx currency exchange. However, the current legislative work has not yet started, the industry is still in its early stages, so the ecosystem construction and infrastructure is the current focus.n
nTranslation: Annie_Xun
It is seldom heard about cryptocurrencies and blockchain technology activities in Kazakhstan. This is not because citizens here are not interested in these topics, but because there is no reason to make any statutes yet. However, the country now has its own blockchain and Cryptocurrency Association, with the aim of advancing these issues. This is an interesting development as the legal entity is seeking state approval.n
Kazakhstan to raise standardsn
It is a good thing for a country to begin the task of promoting cryptocurrency and blockchain technology. Although most governments oppose or even combat this notion, the situation in Kazakhstan is very different. Currently there is no official statute or legislation in either the cryptocurrency or the blockchain, but the status quo will change if the new association is successful. At least it can be said that this is an ambitious project.n
The new agency already has six core members and another 15 have applied. This is a promising beginning for businesses that few people know a few weeks ago. It is a good time to unite enterprises, institutions and enthusiasts with institutions formally approved by the state. Obviously, Kazakhstan has a great plan for cryptocurrency and blockchain technology in the coming years. It’s just that all the current options are in front of us and how the outcome of these activities remains to be seen.n
Kazakhstan seems quite welcome blockchain and cryptocurrency. In many countries around the world, this is not the case, but harsh regulation seems to be the preferred method. In this country, the goal is to create a viable ecosystem approved by the country and the central bank. Striking a balance between regulation and innovation is not easy, but it has been the case in all walks of life across the world.n
Looking ahead to the global exploration of blockchain and cryptocurrency, it seems that the first step is to build a new ecosystem. In Russia set up a similar purpose association. Some initial targets have been reached, but it is not clear whether Kazakhstan will follow the same path. Whether the new association can make progress before the end of the year is worth the wait. We do not currently know any formal timeframes.n
We understand that these industries in the country are still in their early stages of development. No financial terms have been evaluated for these markets at the moment, but the past few years are well under way. The top priority of the government is infrastructure to adapt to in-depth development and appropriate legislation. According to the news, the legislative work will depend greatly on the changes in the industries of the two countries in the next two years. This is an interesting point of view, because so many things can happen in such a short period of time.n
It is good to see Kazakhstanians flocking to cryptocurrencies and blockchains. There is no precedent for the large demand for alternative solutions today. The country’s central bank is even considering creating digital assets that make it much easier to exchange legal currency for cryptocurrencies. It is not yet known whether the so-called CryptoTenge is popular among the general public. What is certain is that the future of blockchain and cryptocurrencies in Kazakhstan will be very interesting.n

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