Kazakhstan is working with Deloitte, the Blockchain company Waves and others to examine how the technology can operate in government.

A press release issued today claims the country wishes to become the “second after Japan” to “recognize the need for the development of the cryptocurrency market system at the governmental level.”

“The signing of the memorandum with our partners on the development of the digital currency market on the basis of the The International Financial Center Astana is the first step towards a creation of a full-fledged ecosystem of the digital economy in Kazakhstan,” Kesarev Consulting partner Natalia Sheiko continues.

Kesarev and Waves join Deloitte CIS in signing a memorandum with Kazakh authorities to set the research in motion, having already established a dedicated working group.

With the project’s base in Astana utilizing the British legal system and an innovation sandbox, the potential for Kazakhstan to sidestep neighboring states in the Blockchain race is clear.

“We are glad that the authorities of Kazakhstan are trying to create the most favorable conditions for the development of Blockchain technologies,” Waves founder and CEO Sasha Ivanov commented.

“We are sure that the outcomes of this [working] group [...] will attract new investors to Kazakhstan and will help the country to become known as the ‘new Singapore’ in the field of Blockchain.”

Last month, the country’s central bank announced it would begin selling Blockchain-based bonds to investors via a mobile app. The plan is due to become a reality in the second half of this year.