The Kazakhstan National Bank has announced a pilot project for a stablecoin fixed to the national currency, the Tenge. The initiative involves Solana and Mastercard.
The asset is named Evo (Kzte). Its program will be managed by participants in the regulatory sandbox, including the Crypto Exchange Intebix and the Eurasian Bank.
The developers nicknamed Evo a “national stable piece”. Its main objective is to connect blockchain innovations to traditional finance.
The token, fixed to the Tenge, will be used to extend the cryptocurrency gateway, exchange digital assets and support transactions via cryptocurrency cards.
The National Bank does not directly issue the stablecoin. Instead, the regulator provides a legal framework for its issue and tests as part of its strategy to develop the virtual currency market.
The chief of the National Bank, Timur Suleimenov, noted that digital assets and blockchain play a central role in the creation of new services and improving financial accessibility.
Why do countries need Stablecoins?
The libertarian economist, Yevgeny Romanenko, told Forklog that the initiative to create a national “stable coin” was only mimicry. He thinks that the state is trying to maintain control of the monetary system in the midst of the growing popularity of cryptocurrencies.
The expert highlighted a global trend in the authorities co -section of digital assets. According to him, this is a response to the “demand for the cryptographic community of mass adoption”.
Romanenko has recognized the technical advantages of blockchain transactions on the traditional banking system. However, he maintains that the main reason for the authorities is to simplify the creation of “thin air money”.
From the point of view of the Austrian school, national stables represent a continuation of interventionist policies in the economy and the control of transactions. Bitcoin’s advent has brought this state monopoly, and now the authorities are trying to regain control by adapting to the new conditions, said the expert.
“This is mimicry, nothing more. A wolf keeps being a predator by putting on the skin of a sheep. As for the sheep who wish to remain so, it is advisable to remain vigilant,” concluded Romanenko.
In September, the president of Kazakhstan Kassym-Jomart Tokayev announced the creation of a state-of-the-art asset fund to accumulate a strategic cryptography reserve.
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