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Prospects for Using Cryptocurrency in the Economy of Kazakhstan and the Attitude of the National Bank

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  • Tolendi Ashimbayev
  • Sarkyt Tashenova

Abstract

The modern stage of the evolution of money is associated with the development of virtual economy as part of the global economic system based on interactive business on the ground of information technologies. The development of new forms of money is due to the activation and deepening of the information sphere and information society. Due to such conditions and the impact of technological innovation, economic science acquires a new meaning; significant changes take place in all spheres of economic activity, including the financial sector. The manifestation of such changes is the transfer of transactions into the electronic format, the emergence of new means of payment, the latest payment instruments and systems. The paper considers the main features of cryptocurrencies, with attention to the most popular and widespread of them - Bitcoin. Based on the expert survey and literature, the attitude of the central banks of foreign countries and the National Bank of Kazakhstan regarding the recognition and regulation of cryptocurrency have been analyzed, and conclusions about the prospects for using cryptocurrency in Kazakhstan have been made.

Suggested Citation

  • Tolendi Ashimbayev & Sarkyt Tashenova, 2018. "Prospects for Using Cryptocurrency in the Economy of Kazakhstan and the Attitude of the National Bank," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 524-532.
    • Handle: RePEc:ers:journl:v:xxi:y:2018:i:4:p:524-532
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    Cited by:

    1. Kolawole Ibrahim Gbolahan, 2023. "An Empirical Investigation of Bitcoin Hedging Capabilities against Inflation using VECM: The Case of United States, Eurozone, Philippines, Ukraine, Canada, India, and Nigeria," International Journal of Economics and Financial Issues, Econjournals, vol. 13(6), pages 91-100, November.

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    More about this item

    Keywords

    Cryptocurrency; electronic money; bitcoin; blockchain; central bank.;
    All these keywords.

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E59 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Other

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