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Kazakhstan’s national fiat currency, the Tenge, has been falling for decades, recently, hitting a record low. Meanwhile, interest in Bitcoin is growing, and volumes have been steadily rising in the Central Asian country.
Also read: France’s Third Largest Bus Company Accepts Bitcoin
Kazakhstan’s Currency Problems
The Central Asian country was the last Soviet republic to declare independence back in 1991 when the USSR fell. With above-average oil reserves and a 2014 GDP of about $ 420 billion, Kazakhstan has the largest and strongest performing economy in Central Asia.
With strong economic outlook, Kazakhstan’s local currency, the tenge (KZT) by all means should be doing better than its neighbors. However, it keeps falling year after year due to a variety of reasons, including corruption and oil prices.
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Kazakhstan Warms Towards Bitcoin as Local Currency Freefalls
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