Kazakhstan is not a country most people would associate with digital currencies. Very little is known about this part of the world by outsiders, especially when it comes to the financial sector. At the same time, the country is home to a booming blockchain industry. Moreover, the president of Kazakhstan, Nursultan Nazarbayev, wants to create a new international “cryptocurrency” known as G-Global. It’s an interesting development to keep an eye on, although the usefulness of such a currency will always be in question.
Most people will agree the international financial system is not in the best of shape. It is rather expensive to send money across borders, regardless of which region you are from and where your money is destined to go. That situation has only grown worse over time, as the costs of sending money keep increasing while major delays continue to exist. This current situation is far from perfect, but it remains to be seen how things will evolve in the coming years.
Nursultan Nazarbayev, the president of Kazakhstan, has come up with a rather interesting way of addressing this problem once and for all. His idea is both simple and elegant, at least on paper. Creating a new international digital currency to achieve a more streamlined method of sending and receiving money internationally makes a lot of sense. Achieving that goal, however, may prove to be a lot more difficult than most people would assume. After all, there is currently no convenient way to do so without paying exuberant fees.