Kazakhstan To Launch Cryptocurrency...

[kryptqnick]

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

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.

[beachbummer]

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

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.

[Seansky]

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

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.

[liuqi]

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

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.

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.

[VitKoyn]

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

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.

[dacryptomoney]

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.

[Hallmader]

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

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.