President of Kazakhstan, Nursultan Nazarbayev has expressed his opinion concerning development of cryptocurrency regulations around the world and has urged the world community to work out common rules regarding use and regulation of cryptocurrency.
Nazarbayev stated that most countries were actively studying the possibilities of adapting cryptocurrency use to their current financial systems but are doing it individually. Speaking at the plenary session of the Global Challenges Summit 2018, 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. And these disparate actions will lead to inefficiency. It is necessary to start developing common rules,”
He stressed that the increasing disregard for the relevant norms shows the need to reach a new consensus that will correspond to the realities. Kazakh president also proposed creating a G-Global site on the UN’s base to discuss “new world trade outlines”. He continued,
“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 showed his support to Blockchain and Artificial Intelligence based platforms that are being deployed around various sectors and are changing the face of technological revolution. He also mentioned that the cryptocurrency phenomenon will change the financial market and, according to experts, 200 to 500 of the largest companies will disappear within ten years
“There is a need to build new effective mechanisms for dialogue between states. The G7 and G20 formats, in which I participated more than once, in our opinion, does not embrace the global view of the world, and therefore we put forward the initiative of G-Global, which will allow us to take into account the opinion and interests of all countries,”
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