Kazakh President Wants a Global Legislative Framework for the Crypto Sector
The President of Kazakhstan Nursultan Nazarbayev is seeking to create a global legislative regulation for the crypto sector.
Nursultan Nazarbayev is looking to set up a single legislative framework on the use of cryptocurrencies, according to TengriNews. Being present at the Astana Economic Forum held on 17 May, the President of Kazakhstan said that most countries have an individual legislative framework without the possibility of being used by a group of communities. It implies that government gaps could lead to global economic imbalances. The President of Kazakhstan opts for a common legislation for the crypto sector.
“Considering the need to involve the entire international community in developing global anti-crisis solutions, I propose that this initiative be implemented on the United Nations’ platform – the only body that is elected by the entire human society to solve very serious problems,” Nazarbayev said when referring to the common rules on cryptocurrencies,” the President stated.
During the forum, the President wished to share his expectations regarding the future development of the advanced technologies such as blockchain network and AI (artificial intelligence). He added that “By 2030, AI will boost the global economy by $ 16 trillion … The cryptocurrency phenomenon will change the financial market and, according to experts, 200 to 500 of the largest companies will disappear within ten years.”
Nursultan Nazarbayev had a meeting with Apple’s co-founder Steve Wozniak
An official meeting with Apple‘s co-founder Steve Wozniak and the President of Kazakhstan took place after the Economic Forum. The two discussed the future of the global crypto sector. Concerned about why it may happen, Nazarbayev assumes that the emergence of increasingly uncontrolled governmental cryptocurrencies will lead to an economic imbalance.
The co-founder of Apple explained during the meeting that what makes virtual currencies be different is lack of control and free circulation. Besides the concerns raised by Nursultan Nazarbayev, he has a positive view towards the use of cryptocurrencies, even if the central bank has an attempt to ban it on the territory of the country.