Kazakhstan Set to Launch a Cryptocurrency Backed by Fiat Money

EXPO 2017 in Kazakhstan: when the carnival is over

Was this the country the Russian communications minister feared will launch a cryptocurrency ahead of Russia?

Kazakhstan’s Astana International Financial Center and EXANTE have announced today that they have reached an agreement on the development of the country’s crypto-assets market, The Finance Magnates reported. EXANTE will launch the Stasis platform that will serve as the foundation for the new digital asset secured by fiat.

“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 Astana International Finance Center, Kairat Kelimbetov.

Gregory Klumov, Co-founder and CEO of Stasis, shares this optimistic forecast for the blockchain market. “Blockchain technology has several indisputable advantages: transparency, immutability, relatively fast transactions, and reduced cost. These factors are more than enough for a bullish tendency to come. The Global Money Supply (M2) figure is growing at 6% per year and stands at about $50 trillion currently (ex China). Digital assets market will double every two years till at least 2021. We are working on a backbone of the blockchain world, that will close the gap between emerging decentralized finance and the people”.

Was Kazakhstan the country the Russian communications minister feared will launch a cryptocurrency ahead of Russia’s CryptoRuble? It is possible considering that it is among the small number of members in the Eurasian Economic Community.

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