Russia and Kazakhstan ready to cooperate with cryptocurrency industry, says Lennix Lai from OKEx

This year there are a lot of cryptocurrency and blockchain-related discussions taking place at the World Economic Forum. Unlike the previous years, the participants note a significantly higher interest towards the industry, blockchain-based solutions and the idea of decentralized digital money. May high profile figures including  founder of ConsenSys and co-founder of Ethereum Joe Lubin and Joanne Po, CEO at SEBA Bank, are set to share their views.

Lennix Lai, Financial Markets Director at OKEx made an exclusive commentary for the FXStreet:
 
"This year, Davos is holding a lot more crypto-related events than I expected - which is exciting and surprising to us. I have participated in a panel discussion held by Russia House, where the officials of both the Russian and Kazakhstan governments endorsed asset-back crypto tokens and mining. They also expressed their willingness to work with industry players to further enhance a decentralized ecosystem. As a leading crypto exchange, we are looking forward to engaging and partnering with governments in shaping a robust and trustworthy environment for crypto users."

Many governments and regulators have softened their stance towards cryptocurrency assets. They moved through stages of ignore and restrictions to a more measured approach. They are looking into benefits of the technologies behind the cryptocurrencies and explore the ways they can be used. Russia and Kazakhstan may bbe ready to join the ranks of crypto-friendly countries to foster innovation and move on to digital economy.

Thus, the Bank for International Settlements with a vast group of global central banks, including, Bank of England, Bank of Japan, Bank of Canada among others, set up a task force to explore  potential use cases for central bank issued digital currencies (CBDC) and share their experience in dealing with this type of asset in their respective jurisdictions