Anti-Corruption Service and Kazakhstan’s Digital Currency

The Chairman of Kazakhstan’s anti-corruption service Alik Shpekbayev made a comment regarding the national digital currency. Interestingly, Shpekbayev talked about the importance of the digital currency to his country.

According to Shpekbayev, thanks to digital currency it is possible to fight corruption in the country. Moreover, he mentioned China’s digital yuan as an example. The national digital currencies have the potential to contribute to a more transparent financial system.

Moreover, an implementation of the national digital currency should inevitably reduce transactions in cash. As a result, it will be easier to tackle corruption. Furthermore, digital tenge has the potential to prevent corruption at the governmental level. It makes sense, as digital tenge will provide full transparency when it comes to tenders.

This is not the end of the story. According to the chairman of the country’s anti-corruption service, the national digital currency will allow to significantly reduce transaction costs. As a result, thanks to the national digital currency it will be possible to forget about transaction fees.

Kazakhstan and local crypto industry

Authorities are willing to embrace the national digital currency. For example, officials presented a plan for the national digital currency development in early July. It is worth mentioning that, Kazakhstan plans to double digital currency investment by the end of this year.

The country has a huge potential when it comes to developing the local crypto industry. Notably, the country became the major global mining hub thanks to low electricity prices.

Importantly, the country expects the total amount of money invested in local crypto mining operations to double by the end of 2020. Moreover, the country wants to attract $738 million from investments in cryptocurrency-related to mining activities over the next three years.

Furthermore, the Kazakh government de facto legalized crypto mining. Consequently, it will be easier to attract local and foreign companies.