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And another country that jumps on the train: Now Kazakhstan has announced the launch of its own crypto currency.

As officially announced by the Astana International Finance Center (AIFC), a cooperation agreement has been signed with the Maltese company Exante. The Crypto Exchange has confirmed this and announced that its STASIS platform, based on blockchain technology, will serve as the basis for the planned currency.

The aim of the platform, according to its own statements, is to provide a basis that bridges the gap between crypto currencies and the traditional financial system. It should make it possible to create a marketplace where institutions, governments and individuals can carry out financial transactions with and among each other.

According to the developers, stasis should make it possible to counter the volatility of crypto currencies by pegging them to fiat currencies. The developers hope that the link to traditional currencies will guarantee stability. For example, the euro is to be digitally replicated under the provisional name Stasis Euro Token. In order to support the development of the trading infrastructure, a limited number of tokens will initially be offered to the investment public. This will ensure the exchange between the traditional financial system and the crypto currency market.

Kairat Kelimbetov, CEO of the Astana International Finance Center, stated that he hoped that the project would make the AIFC the focus of international blockchain operations and the development of crypto currencies in the near future.

Gregory Klumov, co-founder and CEO of Stasis shares these views:

“Blockchain technology has many undeniable advantages: Transparency, immutability, relatively fast transactions and reduced costs”.

Among these “undeniable benefits” is certainly the fact that Blockchain technology is based on decentralization. It is this feature that makes it so attractive for many users due to its independence from the financial market. The decentralised organisational form ensures that no middlemen such as banks or companies are required to carry out transactions. For example, there is no need to charge unnecessarily high transaction costs. A further advantage associated with this is the fact that the blockchain legitimizes itself; neither authorities nor states are necessary to regulate financial transactions. Thus the attempt to control crypto currencies by the state, as with the CryptoRuble, or, as in this case, to bind them to fiat currencies and to make themselves the “centre” of a decentralised organisational form, can be regarded as questionable.

About Kazakhstan

Kazakhstan is a state in Central Asia and – if one considers the Urals River as the border between Europe and Asia – to a small extent (approx. 5.4% of the country’s surface area) in the outermost part of Eastern Europe. In Kazakhstan itself, one sees oneself primarily in the centre of Eurasia. Kazakhstan with its 2,717,300 km² is the ninth largest country in the world, the largest of all landlocked countries. Domestic policy is largely shaped by the authoritarian style of government of President Nursultan Nazarbayev and his family. The opposition is severely restricted.

Origin of the name

The name of the country means Kazakh land. The word Kazakh can be translated from the Turkic languages to Steppenreiter or Unabhängiger.