Home News Kazakh President advocates the elaboration of a unified framework for cryptocurrency regulation

Kazakh President advocates the elaboration of a unified framework for cryptocurrency regulation

The President of the Republic of Kazakhstan Nursultan Nazarbayev came up with the proposal concerning the establishment of a unified cryptocurrency-related regulatory framework. He voiced his considerations on the matter at the Economic Forum in Astana.

“Yet another issue is that of the use and regulation of cryptocurrencies. Most countries are exploring the ways of their adoption within the current financial configuration. At the same time, the actions they take along these lines are, in fact, totally isolated in their essence. Such fragmentation will lead to inefficiency. We have to embark on drawing up unified regulations,” – Nazarbayev stated.

He also noted that the emergence of blockchain and cryptocurrency phenomena will apparently bring dramatic changes to the financial market in general and banking in particular.

“According to the experts, 200 out of 500 biggest companies will cease to exist in the coming decades. At the same time, digitalization has been going hand in hand with the increase in cybercrime. The latter was recognized as the greatest threat to business, although ranking just fifth a year before. These and other factors, undoubtedly, stipulate the determination of countries not to get stuck in the digital provinciality. As for us, we have been adapting to the new realities. Thus, the Digital Kazakhstan programme was launched. Its implementation will ensure the development of the digital infrastructure,” – the national leader specified.

According to Nazarbayev, digitalization is the first megatrend covering the entire range of human activity.

“A new economic model is evolving rapidly before our very eyes. This is not only the digitization of business that it presupposes, but of the entire life of society. Reaching of a critical mass of new technologies will change the basic determinants of the countries’ competitiveness. Machine-learning electronic systems that control and improve industrial output has become a common feature. Artificial intelligence will increase the global economy by 16 trillion dollars by 2030,” – Kazakh President speculated.

As reported back in March, the Russian Association of Blockchain and Cryptocurrency (RABAC) invited Russian, Belorussian and Kazakhstani authorities to develop common mechanism of cryptocurrency market regulation.