The Central Bank of Kazakhstan is all set to develop blockchain mobile application to purchase and sell securities.
The launch of Blockchain mobile application for securities
The pilot phase of the project is been completed by Kazakhstan’s central bank. It enables investors to sell short-term debt notes to investors through a mobile application without commission.
These debt notes will be denominated to 100 tenge – its national currency which approx to $0.3.
Further, the launch is expected to see late in this year, however, it is being tested internally.
During an announcement, an expert quoted the advantage to the investor of using the blockchain based issuance system
The proposed project will allow citizens to buy and sell the notes of the National Bank online from a mobile phone, bypassing intermediaries, namely brokers and dealers. No taxes and no commissions. Absolute liquidity and no restrictions on the periods of ownership.
The bank further spotlights the core features of the system – as record keeping and immutability. However, the record keeping also ensures recording of executed deals and certify the safety of information on the transaction.
The announcement from the bank also states about the other assets over blockchain application. The statement was pointing out to IPOs (Initial public offering).
In a future version of the system, the bank moves ahead with country’s banking sector and other involvement of commercial bank- It says.
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