The president of Kazakhstan, Nursultan Nazarbayev, is urging the global community to work together to draft common rules regarding the use of cryptocurrencies. Nazarbayev said the current, disparate regulatory guidelines around the world cause confusion and inefficiency.
“It is necessary to start developing common rules,” Nazarbayev said May 17 at the 2018 Global Challenges Summit, as reported by TengriNews. “Most countries are actively exploring the possibility of adapting cryptocurrency to the current configuration of financial systems.”
He continued: “At the same time, we see completely separate actions of states in this issue. And these disparate actions will lead to inefficiency.”
Wants U.N. OversightThe Kazakh president said it’s important to reach a global consensus regarding crypto regulations as the market grows. Accordingly, he suggested that the United Nations spearhead the efforts to aggregate rules.
“I propose that this initiative be implemented on the United Nations’ platform – the only body that is elected by the entire human society to solve very serious problems,” Nazarbayev said. “There is a need to build new effective mechanisms for dialogue between states.”
Nazarbayev said he believes the G7 and G20 forums, which are comprised of the world’s wealthiest industrialized countries, do not adequately represent the interests of the global community. Kazakhstan is not a member of either the G7 or the G20.
“The G7 and G20 formats — in which I participated more than once — in our opinion, does not embrace the global view of the world,” he said. “Therefore, we put forward the initiative of G-Global, which will allow us to take into account the opinion and interests of all countries.”
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