Kazakh President Calls for Global Regulation of Cryptocurrency via UN

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Kazakh President Nursultan Nazarbayev is calling for a unified legal framework related to the use of cryptocurrency given that separate approaches are inefficient.

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The President of Kazakhstan, Nursultan Nazarbayev, is urging the creation of a legal framework on the use of cryptocurrency, local media reports. Speaking at the Astana Economic Forum on May 17, Nazarbayev stated that most countries were actively studying the possibilities of adapting cryptocurrency use to their current financial systems but are doing it individually. These disparate actions would eventually result in inefficiencies, which is why the Kazakh president is betting on common rules, possibly via the United Nations (UN).

“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.

At the forum, the president shared his knowledge and expectations of emerging technologies like blockchain and artificial intelligence (AI). We live amid a megatrend today in which all aspects of our lives are digitized, supporting a new model of the economy, he said. By 2030, AI will boost the global economy by $16 trillion, Nazarbayev said without specifying his sources. The cryptocurrency phenomenon will change the financial market and, according to experts, 200 to 500 of the largest companies will disappear within ten years, he added

After the forum, Nazarbayev had a meeting with Apple co-founder Steve Wozniak and discussed the prospects of cryptocurrencies. The president told Wozniak that the emergence of cryptocurrencies uncontrolled by central banks came amid the worldwide domination of a single fiat currency, stressing that Kazakhstan citizens are free to use other currencies besides the national one.

Wozniak noted the advantage of cryptocurrencies is that they are not controlled and can become universal and global.

Last year, speaking at the Money 20/20 conference in Las Vegas, the Apple co-founder stated that Bitcoin was better than gold or the US dollar.

The Kazakh president is very positive about cryptocurrencies even though the head of the country’s central bank said last month he was in favor of banning the use of cryptocurrencies and mining given the risks they pose to the national currency.