Bitcoin Forum

Kazakhstan will launch there national cryptocurrency backed by fiat.

 This will be state -issued.During the discussions, Kelimbetov emphasized the AIFC’s desire to balance the fostering of innovation and adoption of cryptocurrency technology with the ensuring of financial stability. “The United States and Singapore want to equate the activities of crypto-economic with ordinary activities in the financial sphere. In Switzerland, this direction is strongly encouraged and Japan supports some cryptocurrencies as a means of payment. We want to say that in this direction AIFC will be on the ‘edge’ concerning understanding the processes that are taking place

I am curious about this project, will the Kazakhstan government be sale publicly or will it open ICO like other coin? I hope the government Kazakhstan open globally so everyone can have the Kazakhstan coin.

Very pleased to hear this news, some countries are getting interested to adopt payments with blockchain technology.
in south east Asia I heard that Malaysia has already made a rule about using Bitcoin.

Source: cnbc [dot] com /2017/10/17/kazakhstan-plans-to-launch-its-own-cryptocurrency.html

2nd biggest goat and now their own Cryptocurrency...

Shit is looking up for Kazakhstan.


But seriously, any additional details on this project? Its a pretty big country that has some good natural resources

Interesting to hear about it. I have lots of friends originally from Kazakhstan!
Are cryptocurrencies allowed there now? What this Kazakhcoin will be made for? To replace fiat or what or which regulations?

You must include the source, others want to read it as well.
Kazakhstan is not a superpower so any decision on the crypto currency will not have an impact on a global scale.

Is it called BORAT coin? There are more and more national cryptos arising nowadays. Estonia was looking into this recently also  : https://www.cnbc.com/2017/08/23/estonia-cryptocurrency-called-estcoin.html and also russia announced about there crypto ruble recently too. interesting stuff. go the BORAT coin!

That will be a good one from them... I hope other countries follow in such footstep

Already we've got similar cryptocurrency for usage. Months back South Korea made its own digital currency named BOSCOIN which is completely an digital form of fiat backed by the fiat system. Another is the effort from Switzerland which has started its usage. On the line now Kazakhstan gets added making itself grow through it.

whose word will not impact on a global scale? this will have an impact on all the economic growth of other countries including the global and countries could have seen and implemented this project in other countries due to rapid spread of cryptocurency project,

I wonder whether this crypto coin will be used just in Kazakhstan or it will be globalised and every one will have  an access to this currency , and will it replace fiat local currency .
I think it's good that each country creates its own crypto currency so the blockchain technology can  spread its powerful influence

Or.. you know ..a currency (mined on launch)  :D

NOT another scammy ass fucking ICO.

ICO = Scam ..all of them.

EDIT:
Every country making their own coin defeats the purpose of having a world wide digital currency (like Bitcoin)

Wow, great news. This is quite interesting.
I never heard of any crypto currency being backed up by fiat yet. Im actually curious how this idea will ever work out.

And since it is from the government, i think it is safe to say that we should exoect regulation and a lot of taxes being included along with this crypto currency. But all in all, it is still great news and something we can still call progress for the crypto world.

Wow, a country launching a cryptocurrency, we've moved on since 2009  ;D Although backed with fiat currency, I'm not really sure if the price of that altcoin will go up.

Another centralized digital currency about to be let out. This is gradually becoming a norm for all countries and I am really looking forward to how all these will turn out.

However it is, I believe this is bringing some huge awareness into the crypto atmosphere with governments realizing the importance of blockchain technology. May just be another shit coin, who knows?

Well, their potassium is superior. Why not superior crypto?

Yup we made it !
Kazakhstan is launching an ICO so lets hold a fucking parade.. it took 8 years but we finally did it everybody.

LET'S CELEBRATE ..by dumping for Bitcoin (then bitching about BTC not being usable)

Seriously are you guys retarded or what ?  ::)
If all 195 countries launch their own ICO how the flying fuck will that be good news ?
I think you are all *mostly greedy brain damaged little idiots.
Why ?

Well, lets take a step back for a second and think of WHY Bitcoin itself was launched.

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EDIT:

Noobs, feel free to Google search the "Countries Coins" trend that ALREADY came and passed.  :D

Every country must start their own crypto currency because this the future of economy. Big countries such as China, Russia, Japan and other few are already launching their own digital assets.

this adds nothing to the decentralized crypto world, it is just government fiat in digital form...

That's interesting. Are there real examples of state-issued currencies already? And will this one be backed up by their national currency? I read they will build it on a new platform Stasis, not on something known like ETH or NEO. "STASIS is currently the most widely used, supported by the state platform for issuing crypto equivalents of national currencies". Their website doesn't work very well and doesn't offer info on dev team and roadmap, though.  I hope Kazahstan made the right choice.

I was about to mention exactly the same point when I read your reply. Well said.

A crypto backed by fiat has no value except the value given by the government.

Still, it is decentralized and it isnt interesting for us living outside Kazakhstan. This ain't a good sign because government is exploiting block chain features to establish a centralized crypto which would render the purpose of  it meaningless. Still, I am sure that no one outside Kazakhstan will use it since it is literally useless when one is outside their country. Still, it would greatly influence adoption rate of crypto which is good and for this reason I hope that they would legalize crypt I currencies too during the process.

After Japan adoption on crypto currency now Kazakhstan made a right decision to the investment on bitcoin and crypto technology. Taking up the coin as the national currency will erase their identity on the economic world, so they will not make any crypto coin as their national money.

After Russia created a centralized shitcoin for the government to make profit from it now Kazakhstan wants to join. I don't think government issued cryptocurrencies with value based in a fiat currency can compete with other existing cryptocurrencies, it's just a waste of time and not profitable to own or invest any of these coin since the value is backed by stable currency. I wonder if there was a government issued cryptocurrency that had been already successful on their project or if anyone supports them.

after Russia, looks like every random country in the Former Soviet Union wants to con people out of their money...definitely a scam in my opinion.

Is this just a mere fiat currency turning digital? Or is it an entirely independent cryptocurrency which is only supported by the fiat in the country? This is actually a good development in the world of crypto. However, I have some reservations when a certain crypto is created by the government itself. It becomes just a version of their existing fiat, entirely sanctioned by the government. And therefore regulated, managed, implemented, and ran by the government. Making it so different by the typical understanding of crypto.