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Kazakhstan will develop a blockchain-based system of infrastructure project financing

The Office for Investment and Entrepreneurship Development of Astana has recently approved a Memorandum of Understanding and Partnership with the Mile Unity Foundation – a South Korea-based non-profit organization. The partnersip is aimed at the implementation of a blockchain-based mechanism for distributing private capital to the appropriate infrastructure projects.

The Memorandum of Understanding and Partnership was signed by the Head of Astana’s Office for Investment and Entrepreneurship Development Alisher Abdykadyrov and Mile Unity Foundation Global Ambassador George Goognin, who had earlier participated in the meetings with the country’s high ranking officials.

According to the agreement, the implementation of the system will allow for the creation of a secure and transparent system of investment project financing, whereas Mile Unity will support various state institutions in their efforts aimed at adopting blockchain technology.

Mile Unity Foundation also signed a Memorandum of Understanding and Partnership with startup accelerator Astana Hub. Under this agreement, South Korean organization will assist in the implementation of blockchain technology for Astana Hub’s startup-oriented grant distribution system.

Back in April, the country’s Ministry of Finance jointly with IBM and PwC started developing a blockchain-based tax management and monitoring system. In May, the President of the Republic of Kazakhstan Nursultan Nazarbayev came up with the proposal concerning the establishment of a unified cryptocurrency-related regulatory framework.

Next year, Kazakhstan is going to launch a dedicated cryptocurrency for agricultural holdings and companies. The coin will be usable for grain trading, getting mortgage loans and agricultural machinery subsidies.