On 17 may, in the course of the Astana economic forum President of Kazakhstan Nursultan Nazarbayev proposed to develop a universal rules for the treatment and release of cryptocurrencies.

“Another issue is the use and regulation of cryptocurrencies. Most countries are actively exploring the possibility of their adaptation in the current configuration of financial systems. At the same time, this issue is absolutely isolated actions of States. These fragmentation would lead to inefficiency. You need to begin to develop common rules,” — said Nursultan Nazarbayev.

Nazarbayev agreed that cryptocurrencies and the blockchain is likely to cause drastic changes in the financial market, including banks.

“According to experts, 200 of the 500 largest companies will disappear in the coming decades. At the same time, digitization is accompanied by the growth of cybercrime — it in 2017 recognized as the most serious threat to business, although the company previously occupied in the list only the fifth line. Of course, these and other factors determine the desire of countries not to be in the digital province. We adapt to this new reality: launched program Digital of Kazakhstan, and its implementation will ensure the development of digital infrastructure”, — said the head of state.

According to the President, digitalization is a major trend for all spheres of human activity. The President believes that now, before our eyes, a new model of the economy, but of the whole society, so as to change the underlying factors that determine competitiveness of countries.

Nazarbayev also noted that it is time to discuss global rules for handling and trade of the cryptocurrency and noted the need for a new General consensus “that will match the realities.”

Earlier, we reported that on April 11, the Chairman of the national Bank of Kazakhstan, Daniyar Akishev, said that Kazakhstan should learn from the example of Google, Facebook and Twitter, which impose a ban on advertising of crypto-currencies and introduce similar restrictions on the dissemination of such information in the national media.

But on 27 March this year the same national Bank of Kazakhstan has launched the sale of its short-term notes(state discounted digital securities that are initially sold by the national Bank at low cost and redeemed at nominal cost) within the country through a mobile application using the blockchain.