Recent reports have shown that the small country of Kazakhstan has interest in entering the cryptocurrency market with a coin backed by fiat-currency.
The country’s financial center stated on Tuesday, October 17th that they would be forming an effective partnership with the Maltese firm, Exante.
Exante, who self describes as a “next generation investment company,” stated in a recent press release that they would be working with the AIFC to bring cryptocurrency to the nation.
The press release stated that “blockchain and cryptocurrencies are entering the mainstream of today’s economic reality.” This was said by Kairat Kelimbetov, governor of the Astana International Finance Center on Tuesday.
The governor further stated that “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.”
Having a government backed cryptocurrency would help the country to advance their economy, and would also contribute to following other larger country’s footsteps. This past August, Estonia stated that they would be forming their own state-backed digital asset, which they would call “estcoin.” Although they are a small European nation, the coin would be launched through the process known as initial coin offering or ICO. This type of crowdfunding has received a lot of criticism in recent days for its sometimes fraudulent use and so on.
Last month, Japan stated that they would be working on their own version of cryptocurrency that they would call “J-coin.” All of this is simply speculation up until now, but it is exciting to see the potential that the cryptocurrency market has to offer the larger economic powers as a whole.