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Global adoption of blockchain reaches Azerbaijan and Kazakhstan

Global adoption of blockchain reaches Azerbaijan and Kazakhstan

Bucking the trend of the USA and many European nations, cryptocurrency blockchain reaches Azerbaijan and Kazakhstan and is received warmly by governments and regulatory bodies.

Many nations’ governments, including the UK and USA, have looked upon cryptocurrency, and the technology they are built on (blockchain) with disregard followed by suspicion, without any word or indication that it might some day be integrated. In contrast, recent reports suggest Azerbaijan and Kazakhstan will look on with optimism.

Reports state that a small association has been formed in Kazakhstan called the “Blockchain and Cryptocurrency Association”; does what it says on the tin. The group have applied to become legal entity with the aim of promoting the technology and draft related legislation. Six organizations came together to form the association and within a week fifteen more have expressed interest in involvement.

Co-founder, Yesset Butin, said: “Our main goal is to prescribe the rules of the game in the blockchain market an d cryptocurrency in Kazakhstan together with the regulator [the National Bank]. There are no companies operating in the blockchain market in Kazakhstan, but there are more companies that see the promise of technology for themselves.”

In Azerbaijan, a similar positive trend can be seen. The Central Bank of Azerbaijan recently held a meeting specifically to look at the trends to be seen in blockchain and cryptocurrency. The meeting focused on how blockchain is used in other nations, including Georgia and Estonia, with a particular interest in the ways that the bank might use this technology in payments and digital identification. While the moves all seem optimistic, the bank have stated in no uncertain terms that they are taking things slowly.

President of the bank, Elman Rustamov, said: “The Central Bank of Azerbaijan has a conservative position with respect to cryptocurrencies. Cryptocurrency is not a parallel financial monetary system, but a high-risk investment asset.”