Kazakh President suggests introducing international cryptocurrency

ASTANA. KAZINFORM - President of Kazakhstan Nursultan Nazarbayev has suggested the international community looking into the possibility of launching international payment unit, Kazinform reports.

Speaking at the 10th Astana International Forum (AIF) President Nazarbayev noted it is necessary to transform global financial architecture. "It is high time to look into the possibility of launching the international payment unit. It will help the world get rid of monetary wars, blackmarketeering and decrease volatility at markets," Nursultan Nazarbayev said.

According to the Kazakh President, the currency should have a simple, transparent mechanism of emission. "Given the digitalization and development of such technologies as blockchain, such payment unit should be created in the form of cryptocurrency," the Head of State noted.

"This currency should be democratic. It should be adopted with the participation of consumers from all corners of the world. That is why Kazakhstan put forward G-Global initiative to make sure that not only G20 countries participate in the decision-making process," Nursultan Nazarbayev added.

The Head of State stressed that the global currency can be introduced by creating a pool of central banks under a special UN committee. "All countries should be represented there equally. This is a difficult question but it should be solved," he added.

President Nazarbayev explained the world needs to make a gradual shift to a new economic model. And the introduction of the international payment unit is one of the key aspects of development of global economy.