President Of Kazakhstan Stresses On Introducing Common Global Rules For Cryptocurrencies

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President Of Kazakhstan Stresses On Introducing Common Global Rules For Cryptocurrencies

Cryptocurrency market is booming yet again with the leading Altcoins like Bitcoin (BTC) and Ethereum picking up since March 2018 after plummeting in December last year. Just as there are protagonists supporting the virtual currency trading and exchanges, there are countries and financial institutions that are blocking the virtual currency trading due to increase in crypto crime incidences.

The President of Kazakhstan Nursultan Nazarbayev recently made a powerful statement regarding the digital currency while addressing the audience at the Global Challenges Summit 2018 plenary session. According to him the countries should come together and form certain common guidelines and regulations for carrying out cryptocurrency operations. He said, “Most countries are actively exploring the possibility of adapting cryptocurrency to the current configuration of financial systems. At the same time, we see completely separate actions of states in this issue.”

According to the president, the disparity in actions can cause inefficiency and hence developing common rules is necessary.

President Nursultan Insists On Discussing ‘New World Trade Outlines’

During his speech, President Nursultan also gave his views on developing a “G-Global” and deploying its site at the UN headquarters to discuss “new world trade outlines.” According to him, new effective mechanisms for initiating dialogue between states is the need of the hour as the G7 and G20 formats fail to embrace the global view of the world. Hence, the president believes that a new initiative in the form of G-Global is required so that opinion and interests of all the countries can be taken into account.

Government Employee In Kazakhstan Charged With Financial Crimes

President Nursultan may have been talking in general regarding the need to introduce global regulations for the virtual currencies. However, his own country is already facing some serious issues due to crypto crimes. Recently, the Ministry of Finance of the Asian country found out that the ministry’s own IT specialist was reaping profits from mining, decrypting or encrypting virtual currencies. He did it by secretly installing software on the ministry’s information processing systems.

The probe was ordered when the computer systems became very slow. The employee charged with financial crimes used computers from four different regions of the country within the state revenue departments.

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