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Kazakhstan|business|June 14, 2017 / 10:03 AM
National Bank of Kazakhstan to sell securities through blockchain app

AKIPRESS.COM - Kazakhstan's central bank plans to sell its short-term notes to retail investors using a mobile application based on blockchain technology, the bank said on Tuesday, as part of its plan to simplify securities trading in Kazakhstan, Reuters reported.

Investors will be able to buy notes with a face value of 100 tenge (about $0.3) directly with no commission and no brokers involved, the bank said in a statement, adding that it planned to launch the system in the second half of this year.

"In the future, these solutions could be used to place other securities, for example, during IPOs targeted at retail investors," it said.

The bank issues short-term notes on a daily basis with maturities ranging from one week to one year, which are usually bought by banks and funds. At its latest auction on Monday, the bank placed 226.4 billion tenge ($717 million) in seven-day notes with a yield of 9.8946 percent.

Blockchain, which first emerged as the system underpinning cryptocurrency bitcoin, is a shared ledger of transactions that is maintained by a network of computers on the internet, rather than a centralised authority.

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