Казахстанский Evo: Новая эра стабильных монет на блокчейне Solana Translation: Kazakhstans Evo: A New Era of Stablecoins on the Solana Blockchain

The National Bank of Kazakhstan has announced the launch of a pilot project for a stablecoin linked to the national currency, the tenge. This initiative involves collaboration with Solana and Mastercard.

The new asset has been named Evo (KZTE). The issuance will be handled by participants in the regulatory sandbox, including the cryptocurrency exchange Intebix and the Eurasian Bank.

Developers have referred to Evo as a «national stablecoin.» Its primary aim is to connect blockchain innovations with traditional financial systems.

The token linked to the tenge will be utilized to enhance the crypto-fiat gateway, facilitate the exchange of digital assets, and support transactions using cryptocurrency cards.

The National Bank is not directly issuing the stablecoin; instead, the regulator is providing a legal framework for its issuance and testing as part of its strategy to develop the virtual currencies market.

The head of the National Bank, Timur Suleimenov, emphasized that digital assets and blockchain play a crucial role in creating new services and improving financial accessibility.

An expert pointed out the global trend of governments incorporating digital assets into their systems. According to him, this is a response to the «cryptocurrency community’s call for mainstream acceptance.»

Romanenko acknowledged the technical advantages of blockchain transactions over traditional banking systems. However, he believes the main motivation for authorities is to simplify the creation of «money out of thin air.»

From the perspective of the Austrian School of economics, national stablecoins represent a continuation of interventionist policies and control over transactions. The emergence of Bitcoin has struck a blow to this state monopoly, and now authorities are trying to regain control while adapting to new conditions, the expert stated.

«This is mere mimicry. A wolf does not cease to be a predator just because it dons a sheep’s skin. And for the sheep who wish to remain sheep, it is advisable to stay vigilant,» Romanenko concluded.

Additionally, it is noteworthy that in September, President Kassym-Jomart Tokayev announced the establishment of a state fund for digital assets aimed at accumulating a strategic crypto reserve.