In August this year, Ministry of Finance of Kazakhstan will use distributed ledger technology to test the idea. They plan to move to the practical use of blockchain in 2019.
Yerbolat Dosaiev, deputy prime minister of the country, was the one who reported the plans on the expanded meeting of Ministry of Finance board.
The first steps in implementating new methods of VAT administration and use of blockchain technologies we will make as soon as August 2018 and further. If this works correctly, we hope to adopt necessary measures for practical use in 2019,
- said deputy prime minister.
Baurzhan Tortaiev, executive secretary of the Ministry of Finance, was more precise about the plans on blockchain implementation. According to him, the prototype of the informational system will deal with VAT administration issues. By improving tax system, the government plans to increase budget revenues and decrease the number of bad taxpayers. Due to Tortaiev words, all people will pay taxes, and they all will be in even conditions, although the VAT system will be the same. He explained:
Infosystem on blockchain will be implemented. In our country, almost every payer pays VAT. Therefore, the whole chain will be tracked with the help of blockchain.
At the beginning of February, the deputies of Mazhilis required from the National Bank to work out the regulation of cryptocurrency selling. The deputies were concerned with the costs that citizens were spending on cryptocurrencies. So at the moment, the National Bank considers regulation and granting the status of the financial product to cryptocurrencies.
Last year, the president of Kazakhstan Nursultan Nazarbayev suggested considering the question of adopting the international unit of account in the form of cryptocurrency. In his opinion, this would provide the opportunity to save the world from currency wars, speculations, avoid distortions in trade relations, reduce market volatility.
Earlier, Kazakhstan also planned to launch national cryptocurrency. The intention was voiced in summer last year. Back then, the head of International financial center “Astana” said that the development of the digital market was the priority in the nearest future of the country.