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Blockchain and cryptocurrencies: development of the fintech sphere in Kazakhstan

Publication date: 18 jul 2017

Blockchain and cryptocurrencies: development of the fintech sphere in Kazakhstan

Cryptocurrencies and blockchain are the key spheres of financial technologies in the entire world. They are attracting more attention every single day. Kazakhstan is no exception. 

The country’s authorities are aware of the importance of leading technologies. That’s why they are planning to launch the program “Digital Kazakhstan” aiming to improve life quality and update the economy. 

One of the most important issues described in the program is blockchain. Its implementation can develop essential spheres: employment, education, healthcare, small and medium business, state management as well as investment prospects. 

The program will be implemented during 4 stages:

1.    Сreation of “Digital silk road”. Development of safe and secure digital infrastructure.
2.    Formation of “creative society”. Teaching digital literacy to citizens, training corresponding specialists. 
3.    Digital changes in the economy. Systematic implementation of digital technologies in the economy.
4.    Creation of “Proactive digital government”. Changing document distribution, improving governmental services. 

Kazakhstan authorities are planning to use blockchain in the VAT accounting system and credit history base. This points to the fact that authorities want to implement modern financial technologies.   

Moreover, the international financial center “Astana” will form a team consisting of world-class specialists to make a strong basis for developing blockchain and cryptocurrency projects in Kazakhstan. 

The team will work on the following:

  • creation of cryptocurrency laws;
  • ormation of relevant blockchain platforms;
  • development of investment prospects;
  • creation of a dialogue between the business community, citizens and the government. 

This year, the national bank of Kazakhstan is planning to launch a mobile blockchain platform allowing users to buy short-term government liabilities. 

“We are already coming across these technologies. They cannot be ignored. The national bank is developing blockchain projects and we are ready to cooperate with a consortium of banks and investors to develop the financial sector together,” said Daniyar Akishev, the head of the national bank of Kazakhstan.  

The key financial regulator of the country is aware of the necessity to regulate cryptocurrencies. The parliament is considering the project “On payments and payment systems” which will include control of digital currencies and cash equivalents. 

The fintech sector is one of the top-priority spheres we, at Smile-Expo, dedicate our Bitcoin & Blockchain Conference the geography of which is expanding all the time. We have already held conferences in Moscow, St. Petersburg, Prague, Tallinn, Kyiv. Conferences in Stockholm, Valletta and Almaty are next ones. 

The capital of Kazakhstan will host Bitcoin & Blockchain Conference Almaty on September 28. The conference will have to develop cryptocurrencies and blockchain in the country by bringing together key fintech experts. We will discuss the most relevant issues and opportunities open to the business community of Kazakhstan.

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