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Kazakhstan’s Central Bank to use Blockchain for Debt Notes

debt notes

Kazakhstan’s Central Bank to use Blockchain for Debt Notes

The National Bank of Kazakhstan announced it is looking to test blockchain technology in order to sell short-term debt notes.

In an official statement published today, the Kazakhstan central bank revealed its plan to launch a new mobile app that to sell the short-term debt notes to investors– denominated in amounts worth 100 tenges (the national fiat currency) – without relying on third-party brokers.

At the moment, this app is being tested within the bank, and its launch is expected by the end of 2017.

In the long term, the Kazakhstan bank commented that the app could be used to make initial public offerings (IPOs) easier.

Also, the financial institution explains it wants to work with the country’s banking industry on possible future versions and uses.

“In this area, the project will continue to search for additional solutions, including the involvement of commercial banks,” the statement explained.

The Central Bank explained that it has been looking at the distributed ledger for potential applications since 2016.

A few months ago, regional news source called Tengri News reported that officials were studying possible blockchain use cases, especially those focused on payments.

Read more about blockchain-related projects developed by banks.

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Amelia Tomasicchio
Amelia Tomasicchio

Amelia Tomasicchio is a content writer and marketer of Bitcoin-related news and fintech startups. She started writing about Bitcoin in 2014 and she graduated in Rome with an essay about movie industry related to Bitcoin.

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