Kazakhstan Just Weighed In On Bitcoin And Cryptocurrency

Over the past few months we’ve seen numerous countries outline their respective positions on the cryptocurrency space. Japan has established itself as a proponent and – by proxy – a potential leader in the sector. Russia has decided that it’s going to create its own cryptocurrency, interestingly called the Cryptoruble, and that it’s going to use the currency to try and get a jump on its western neighbors.

Switzerland, Ukraine, China, France, the UK – all of these countries have hit press with an update and each, in its own special way, has affected the price of bitcoin, in turn, sentiment surrounding the cryptocurrency space as a whole.

As we head into the close of the week this week, the latest country to throw its keys into the hat is Kazakhstan.

Policymakers in the eastern European nation are reportedly set to create their own cryptocurrency.

The coin will arise from a partnership between Kazakhstan’s Astana International Financial Center (AIFC), which is a government entitiy, and Exante, a company that controls and operates the Exante trading platform and that bills itself as a Malta-based investment company that that was founded in 2011.

The new currency will be backed by fiat currency, which is a sort of middle ground approach that many of the more conservative operators in this space (read: governments) seem to be favoring and – as yet – there’s been no word on exactly what the currency will be called or what sort of protocol it will entail.

Here’s what the governor of the AIFC had to say about the development:

“Astana’s leading financial regulators have already commenced their work and are laying the foundation for Kazakhstan’s fintech-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.”

The emergence of some of these otherwise economically smaller countries in the bitcoin and blockchain spaces has presented something of a potential global shift in development pace. No longer does a company need to rely on established bluechip entities to make itself a leader in global trade and commerce – instead, an openness towards fresh technologies seems to be all it takes right now.

Image courtesy of Ken and Nyetta via Flickr