Kazakhstan Central Bank’s blockchain project will be officially launched this fall

The Central Bank of Kazakhstan has listed use cases for blockchain technology, some of which will be officially put into use this fall.

Daniyar Akishev, head of the financial supervision department, said in an interview:

We will officially put some blockchain projects into use, mainly targeting the securities and payment-related markets.

In March this year, Gregory Marchenko, former governor of the Central Bank of Kazakhstan, said that due to the sharp depreciation of the Tenge (official currency of Kazakhstan), investors and consumers lack confidence. Cryptocurrency has a positive impact on the country's monetary policy.

Akishev said the central bank has set up a working group to study the impact of cryptocurrencies on financial markets.

Cryptocurrency is the future and is inevitable. Therefore, Kazakhstan’s financial policy will be adjusted accordingly based on cryptocurrency research.

At the same time, Akishev also mentioned that the parliament is advancing a bill on payment systems. This bill involves regulatory issues in the field of cryptocurrencies and will help the work of regulators when necessary.

There are too many legal blind spots in the payment field. In order to standardize it and facilitate the management of the central bank, we introduced this bill.

Central banks in most countries have adopted a regulatory attitude towards cryptocurrencies such as Bitcoin. However, due to insufficient in-depth research and understanding, no central bank has yet introduced specific regulatory measures.

Kazakhstan's neighbor Russia is awaiting the results of its working group's study and is expected to introduce a national cryptocurrency based on blockchain technology.

Pavel Livadny, deputy director of the Russian Federal Financial Monitoring Service (FMS), once said that Russia will strictly supervise the national digital currency and entrust financial institutions to manage it specifically.

At the same time, if the country's cryptocurrency is successfully issued, Bitcoin may be completely banned.