Kazakhstan Following Russia's Lead with Own Cryptocurrency

TL;DR:

Kazakhstan plans to create its own national cryptocurrency. The country has a signed a deal of cooperation with a Maltese firm called Exante to create the cryptocurrency, which is yet to be named. Kazakhstan follows a number of other countries, including Japan, Estonia and, most recently, Russia in developing their own national coin. The currency will be managed by Kazakhstan’s Astana International Finance Center (AIFC). “Astana’s leading financial regulators have already commenced their work and are laying the foundation for Kazakhstan’s fintech-ecosystem,” AIFC Governor Kairat Kelimbetov said. “We believe that the AIFC can become an international hub for Blockchain operations and the development of the digital assets market is our key priority in the near future."

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@Peter, @John, what’s your take on the “national crypto”?
I see this as shitcoin that serves no purpose, other than the governmental control and features like Tether. But Andreas once said that it’s ok to have 1000000+ cryptocurrencies. What do you think of it? Is not that a scrutiny of the original vision (decentralisation, lack of central authority) of crypto?

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I blame Mr. Robot season 3 for national crypto ideas :slight_smile:

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For example it is illegal to create your own currency in my country. Reasons are obvious. You can’t tax what isn’t fiscal.

BTC and decentralisation is attack against governments.

What scares me isn’t people believing in crypto, but what happens if crypto becomes illegal. Govs will say crypto isn’t illegal, you can use our national centralised taxable crypto :troll: die anarchist scum

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First of all, they have to make a law defining what crypto is. By making this law, they are going to allow the trade of these “new” assets. Making crypto fiscal is a good and huge thing for the whole economy.
Plus if they are gonna say that decentralised crypto are illegal, how are they going to find out that you possess that crypto? They do not have enough recourses to make it illegal.

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I know this isn’t really good comparison - think of DMCA and torrents for example.
They cant destroy tech, but they can go after everybody using it. They can prohibit exchanges, sites to convert fiat to crypto, even exchanges that operate with currencies proclaimed “illegal”

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So what? There is an App for that.

TOR, VPN and so many others. If people want free or illegal (or both) content, they are going to get it.
For example, torrents and “anonimizers” are illegal in Russia. That does not prevent people from using it.

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People dislike idea of using anything that can put them in jail or pay huge fines.

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With some politicians, you can go to jail or getting a fine for doing basically anything they don’t like. If they don’t like your way of thinking they can put you in jail or ruin your life.
So… That’s not the point. They are doing what they can to protect their power. But with such tech like crypto or torrents they are just unable to do anything as they don’t have enough resources to track every individual down. That does not mean they are not trying, tho.

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Yes, power has strong self-preservation impulse. I’m just saying we can’t ignore it. Things are looking great so far, but we are naive if we believe there won’t be problems. Now we are worried about scaling, but if there is a downfall somewhere along the lines, it won’t be tech that cracks.

How will elite try to fuck regular folks - we can’t know.

They can try combinations of FUD and buying us out
They can lobby anti-crypto laws and regulations.

What nobody knows is what happens when N countries ban BTC. Price could go either direction. Kinda negative publicity thing would have counter effect- people would start wondering why govs hate BTC, and check the tech, and start liking it more and more. We all see how spamming china fud made people immune to it. BTC seems like incurable cancer for govs.

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it’s entirely backwards and orthogonal to the principles of decentralization

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Believing that entities will work in their best interest will help us react and understand their moves.
And be ready for them.
We need to think about scenarios before they happen. Being general after battle doesn’t count.
What would you do if 50 countries chain-ban crypto day after day @john and @bitvadol . Would you hold it, short it?
I love pragmatic approach :slight_smile:
And hearing how smart people think.

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If that started happening… there would also be larger forces at play. I’d imagine stockpiling food at that point.

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My father has a farm where he retired. I don’t have to worry about food, we could eat for few years without lifting a finger :smiley:

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Unless nuclear winter comes around, that’s to say…

But to be realistic, I would personally hold my crypto trough this storm. If your scenario would ever happen, FUD would spread much faster than the news about it causing the price to drop somewhere around 0. And since I’m not holding my crypto on an exchange, I would not be able to sell it fast.

They are already starting thinking about banning decentralised crypto, aren’t they? But, I mean, how is that even possible? If all governments are gonna ban it, that would be quite the consensus never seen before in the entire history of the civilisation.

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I have seen too many times international laws and practices being violated for the interest of the elite.

They will make BS story for the media and do as they please.

They will say BTC is funding terrorists and we must ban it.

Do not underestimate power of the elite guys. I know I sound like conspiracy theorist, but they have things done their way.

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Bitcoin cannot be uninvented.

I care little about the expansion of coins. Even govt coins.

This is GOOD for the overall ecosystem. The more governments get involved the most powerful crypto becomes.

Good lord. Building CryptoYum has made me dive even deeper into the news cycle.

If you follow news daily. The mass of new news everyday is exciting, if not scary to watch.

We shall take over the world.

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In fact, BTC is really funding terrorists and other outlaws. So is fiat. But fiat is so hard to track.

Ok. Let’s put it your way, Frag. Do you think the elite would let the opportunity to get off the USD-debt train pass by? Why do we see the major growth of decentralised economy in the recent years? Is it not because crypto from the nerd-money become something bigger? Something that could change the world by storm?

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People don’t like inflation . That’s the main reason for growth. People want to hedge agains new stock market crash.

In some countries, like mine, crypto is cure for crappy 3rd world treatmant. We can’t do stuff freely online coz we aren’t “trustworthy” . I can’t even buy crypto on coinbase with my credit card! My country isn’t supported, and i’m treated like i’m lesser human being.

Media spiel isn’t there to provide truth, but to justify actions of those funding the media. They can always say its easier to fund terrorists with BTC - less paper trail.

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Hmm… I think, you are deceiving yourself thinking that “only the normal people” buying crypto are driving its price up. Think like conspiracy theorist. If BTC are the real treat to the market and therefore need to be stoped, why not to put something like a trillion dollars on destroying crypto. With that amount it’s quite possible to track the leaders and… well… bribe them to put the end to it or… more sinister plot: to make them cyberterrorists and execute them.

Who are you talking to about corruption in media and this whole BS? Do you think I can use coinbase to buy my coins? Do you think I don’t feel like lesser human not being able to even afford trading licence to even afford officially buy crypto? I think you are a little bit wrong judging me by the way I speak. =)

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