Every country has the right to set an economic policy that is considered effective to improve and maintain economic stability in a country. This policy is usually proposed by financial institutions that have the highest authority in the country. If we look back at history, where in 1998 there was an economic crisis which mostly hit countries located in the region. Economics, social, politics and security are a number of important components used in a country’s development strategy. All these important components have relationships that are interrelated with each other. For example, if the economic sector in a country is disrupted, this will create a domino effect such as increasing unemployment and high crime rates.

The domino effect is something that happens because it was previously influenced by something else. So from that it has become an obligation for the state to present a positive domino effect. One of them is like the country of Kazakhstan. Did you know that currently the leaders of Kazakhstan are launching economic development in the digital field. This he pointed out before all of his staff by revealing various interesting economic facts related to blockchain technology. President Nazarbayev delivered a number of economic analyzes which contained the progress of the world of cryptocurrency which continued to experience a very significant increase from year to year. This increase, especially very visible on the Bitcoin cryptocurrency platform.

From the beginning of its appearance until now, Bitcoin has indeed attracted a lot of public interest to invest its funds on this platform. This happens because of the number of levels of benefits offered. This phenomenon certainly makes people compete to learn the world of cryptocurrency investment. In this case we can also see that the development of Bitcoin can also provide a positive domino effect for the development of the digital economy. So from President Nazarbayev included an analysis of the development of Bitcoin which later aims to support the use of digital economic facilities en masse in this country. So that it can make Kazakhstan a center for “Digitizing the World Economy”.

At present China is one of the countries that has become the most favorite tourist destination for activists of blockchain technology. But now, with the various profitability obtained by miners, they are also unable to attract the attention of the government. Even if this is fully supported by the government, automatically increasing profitability will also be felt equally by the residents. This event at least made Kazakhstan state compelled to give full support to the use of Blockchain technology.

In order not only to become a discourse, the current government of Kazakhstan has established an independent cryptocurrency platform, Facite which can oversee all flows of the use of blocckchain technology. The establishment of the Facite platform is also accompanied by the creation of Facite tokens which can be used to collect funds through the ICO (Initial Coin Offering) system. The sale of tokens will later be used to build electricity facilities and infrastructure that are used to support mining productivity, such as Bitcoin.

Did you know that miners have had to struggle to get a number of mining tools, both hardware and software. Where to get this tool the miners must use personal costs first. In addition, the burden of large electricity costs is added, due to high mining activities. Where this occurs because there is no subsidy provided by the government for miners. Therefore, at present, the country of Kazakhstan through Facite seeks to reduce the burden on miners, by providing all kinds of facilities needed and providing a number of subsidy policies that benefit each other.

The main goal of the country of Kazakhstan to implement this blockchain project is to make the country of Kazakhstan the world’s leading digital economic center. Of course this is done by involving a number of world technology activists, such as cryptocurrency. Where later this success can also be felt by all Facite holders and the people of Kazakhstan evenly. This equity is done by allocating profits that Facite gets to the two main development sectors, such as transportation via bus cards, construction of cheap and environmentally friendly solar-powered electricity.

The main sectors that Kazakhstan wants to build through the use of blockchain technology, is one form of the domino effect of the economy that has a positive influence on other development sectors.

Reference

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