Kazakh President Appeals to World Community on Creating General Rules for Cryptocurrencies

Published on 21 May. 2018
Kazakhstan 1886796 1280

NursultanNazarbayev, the president of Kazakhstan, called to create the general rules for using cryptocurrencies on the economic forum in Astana.

The primal megatrend is the digitization of all aspects of the human activity. The new economic model is rapidly developing right before our eyes, where not only businesses are digitized but the whole life of the society,

  - reports the president’s words the resource Tengrinews.kz.

According to Nazarbayev, the AI will increase the world economics on 16 trillion dollars to the year 2030. The phenomena of cryptocurrencies and blockchain technology will introduce drastic changes to the financial market, including the banks. The head of the state mentioned that digitization is accompanied by the rise of cybercrime – in 2017, it was recognized as the most serious threat to business.

The majority of the countries examines the use and regulation of cryptocurrencies. They actively consider the possibilities to adapt to the current configuration of the financial system. At the same time, the actions of different countries are totally unsynchronized, and these actions, due to Nazarbayev’s words, cause ineffectiveness. The president mentioned that they should start developing the general rules.

Nazarbayev added:

One should mention that G-Global initiative possesses expert and institutional support from the international organizations. It was repeatedly voiced on the G-20 summits. Literally last week, May 8, the Council of Foreign Minister of the Organization of Islamic Cooperation, which includes more than 50 countries, adopted the resolution to support this initiative. Paying attention to the necessity to engage the whole international community and to develop the global anti-crisis solutions, I suggest implementing this initiative on the basis of UN. It is a single body that is elected by the whole human society to solve crucial problems,

 - the president said.

The capital of Kazakhstan hosted the economic forum. It welcomed the world-known personalities to the dialogue on modern technological problems and development of the possible solutions for the adjustment to the critical changes in the world.

We’ve already written that the primal financial body of the country carries out a tough cryptocurrency politics. In April, the National bank of Kazakhstan intended to forbid trading cryptocurrency for tenge, the national currency of Kazakhstan. The activity of exchange platforms and mining had to be banned as well. Besides, the head of the National bank said about the possibility of the cryptocurrency advertising ban.


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