Kazakhstan: National Bank Works On A Blockchain Mobile App
Kazakhstan`s central bank has completed a pilot phase of a blockchain mobile application intended for investors.
The mobile application will allow investors to buy short-term debt notes from the National Bank of Kazakhstanthroug a mobile application, with no commission fees, as cryptocoinnews.com pointed out in a recent publication.
The article quoted an excerpt from the bank`s announcement stating:
“The proposed project will allow citizens to buy and sell the notes of the National Bank online from a mobile phone, bypassing intermediaries, namely brokers and dealers. No taxes and no commissions. Absolute liquidly and no restrictions on the periods of ownership.”
The central bank also highlighted the use of blockchain`s core features like immutability and record-keeping. The latter may keep an account of executed deals while tamper-proofing the details, as cryptocoinnews.com wrote in a recent report.
Investors will need to register via the mobile app, if they want to gain access to the feature. They will be able to buy electronic money and sell securities.
“Each operation with short-term notes will be stored as a transaction that has its own identifier and formation algorithm .”, as the central bank made clear.
“All transactions will form a special transaction block.”, as they added.
The blockchain mobile app is now being internally tested. The service will be released later this year.