Kazakhstan’s National Bank analyzes crypto currency introduction feasibility and prospects

Almaty. July 1. Silkroadnews – The National Bank of Kazakhstan analyzes development of crypto-currency market and develops a scenario of actions within this framework, including the prospect of digital currency introduction in the state, KazTAG reports with reference to the press service of the National Bank of the Republic of Kazakhstan.
“The National Bank of Kazakhstan, on its side, carries out analysis of the crypto-currency market development and the world community’s attitude, including foreign central banks, to this type of currencies, studies scenarios of actions on crypto-currencies, including the expediency and prospects of the digital currency development”, the reply to KazTAG’s request received on Saturday reads.
It is noted, “the trend of crypto-currency development and the technology of a distributed database are under close attention of the central banks of all the states, thus, giving credence to the development’s significance and revolutionary nature”.
Due to the growing interest in digital currencies both around the world and in Kazakhstan, the National Bank officials suggest, “this currency could be widely spread in the world financial market in the future”, emphasizing, however, that “creation of international crypto currency requires interaction of the states’ financial systems”.
“Currently, there are no single international standards to define or regulate the crypto-currency”, officials of the National Bank of the Republic of Kazakhstan explain.
It should be reminded that speaking at the closing of the Astana Economic Forum the President of Kazakhstan Nursultan Nazarbayev voiced a number of initiatives on transformation of the world financial system, including, among the others, introduction of an international payment unit – crypto currency. The head of the state believes, “the global currency introduction is possible through creation of a pool of central banks under the special committee created by the UN”.
Minister of finance of the Republic of Kazakhstan Bakhyt Sultanov noted that creation of an international crypto currency would assist Kazakhstan in solving the energy dependence issue.
At the same time, first vice-minister of national economy of the RK Ruslan Dalenov pointed out that creation of a crypto-currency at the global level, being supported by central banks, will reduce the costs of states and protect the world against fraud. At present, he added, all existing crypto-currencies have two principal defects: they are not assets-backed and are currently used for speculations. Though, being backed up by the central banks would eliminate the defects mentioned.