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The President of Kazakhstan calls for global rules on cryptocurrencies under the supervision of the UN

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Kazakhstan's President, Nursultan Nazarbayev, urges the global community to work together to develop common rules regarding the health of children. use of cryptocurrencies. Nazarbayev said that current and disparate regulatory guidelines around the world are causing confusion and inefficiency.

"It is necessary to start developing common rules," Nazarbayev said on May 17 at the 2018 World Summit of Challenges, as reported by TengriNews. "Most countries are actively studying the possibility of adapting cryptocurrency to the current configuration of financial systems."

He continued, "At the same time, we see actions completely separate from the states in this issue, and these disparate actions will lead to inefficiency."

Wants surveillance of the United States

The Kazakh president said that it is important to reach a global consensus on regulating crypto as the market grows. As a result, he suggested that the United Nations lead efforts to aggregate the rules.

"I propose that this initiative be implemented on the UN Platform – the only body elected by the whole of human society to solve very serious problems," said Nazarbayev. "There is a need to build new and effective mechanisms for dialogue among states."

Nazarbayev said that the G7 and G20 forums, which are made up of the richest industrialized countries in the world, do not adequately represent the interests of the global community. Kazakhstan is neither a member of the G7 nor the G20.

"The formats of the G7 and G20 – which I have participated in more than once – in our view, do not embrace the global vision of the world," he said. declared. "Therefore, we put forward the initiative of G-Global, which will allow us to take into account the opinion and interests of all countries."

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The Kazakh National Bank wants to ban encryption

Kazakhstan's bullish outlook on virtual currencies collides with the National Bank of Kazakhstan, which plans to ban the use of crypto and mining, as the reported CCN.

"We want to ban the exchange of digital currencies against the national currency," said Daniyar Akishev, the president of the National Bank of Kazakhstan. "We want to ban the activities of the stock market in this area, as well as all types of mining."

Akishev said that he believes that the ban is necessary to protect the country's citizens against scams and fraud. "Digital currencies are an ideal instrument for money laundering and tax evasion," he said.

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Russian President Vladimir Putin (Shutterstock)

However, it is highly unlikely that Kazakhstan will prohibit crypto, while the five member countries of the Eurasian Economic Union (of which Kazakhstan is a member) met a few weeks ago to discuss how to take advantage of cryptocurrencies and blockchain to support their economies .

The Eurasian Economic Union (EAE) is a post-Soviet economic bloc composed of Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. This is Vladimir Putin's answer to the 28 members of the European Union, except that it is smaller and much less rich.

Tota Kaliaskarova, the Director of Macroeconomic Policy of the EAEU, said that it was important to discuss cryptocurrencies as they could have a dramatic impact on the Eurasian economy.

"This is a new phenomenon," Kaliaskarova said. "The emergence and use of cryptocurrencies will affect the monetary conditions in our countries and the macroeconomic stability of the EAES set."

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