In August, Estonia proposed its own state-backed digital asset, which would be called “estcoin”. The small Eastern European nation said it was considering the launch of estcoin through an initial coin offering (ICO) — a crowdfunding method that has garnered much scrutiny in recent weeks.

And last month, Japan signaled the potential launch of its own digital currency, called J-Coin.

Kazakhstan’s entry into the digital currency ecosystem would be underpinned by Extante’s new blockchain platform, ‘Stasis’.

Blockchains are digital ledgers that record cryptocurrency transactions on encrypted “blocks” across a distributed network of computers.

“The development of such a system will bridge the gap between the traditional asset market and the crypto-world,” Anatoly Knyazev, co-founder of Extante, said. “We see keen interest from the market players, and we already have applications from other government-related financial institutions.”

The technology is being experimented in a “closed mode” at present, and Extante didn’t indicate a timeline for commercial launch.

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