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ASTANA – The La Tribune French weekly monetary newspaper, printed an opinion article on Oct. 31 the place Jean-Louis Guenego, former professor in physics on the College of Paris-Est Marne-la-Vallée and developer of decentralized communication and information storage protocols, welcomes Kazakhstan’s efforts to develop into a brand new crypto hub in Central Asia.
In response to Guenego, owing to political and financial stability and aggressive vitality costs, Kazakhstan is strengthening incentives for creating the cryptocurrency sector.
In only a few years, the nation has risen to develop into one of many world’s main bitcoin miners, with at the very least 18 p.c of the worldwide hash fee (a measure of the computational energy per second used when mining), putting it second solely to america and forward of China, which banned mining in 2021 regardless of beforehand making up for 65 p.c of the worldwide hash fee. After then, a big variety of Chinese language miners moved to Kazakhstan.
On Oct. 26, Binance CEO Changpeng Zhao introduced that the Nationwide Financial institution of Kazakhstan intends to combine its digital forex into Binance’s BNB blockchain. In response to Guenego, that is a vital step in legitimizing cryptocurrencies in a rustic thought-about by consultants as a mining nation fairly than a rustic of bitcoin buying and selling or exchanges.
In early October, Astana Monetary Companies Authority (AFSA) and Binance signed a memorandum of understanding to coordinate efforts to fight monetary crime. Kazakh authorities are usually creating more and more industry-friendly rules, equivalent to permitting cryptocurrency exchanges to open financial institution accounts.
By regulating this sector, the nation fosters the long-term growth of the cryptocurrency {industry} and establishes itself as a crypto hub in Central Asia and amongst former Soviet states, writes Guenego.
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