Kazakhstan Set to Launch a Cryptocurrency Backed by Fiat Money

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

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

Kairat Kelimbetov, Governor of AIFC and ex-Governor of the Central Bank of Kazakhstan

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“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.

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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 that 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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