Cryptocurrency Is Rapidly Becoming A Popular Phenomenon In Kazakhstan According To Yandex
A recent research study carried out by multinational internet services firm Yandex has revealed that people living in Kazakhstan have been showing more interest in cryptocurrencies such as Bitcoin. Yandex revealed that the number of cryptocurrency-related internet searches in the country has increased significantly since June 2017.
The increased interest in cryptocurrency in the country correlates directly with the fact that digital currencies have been gaining popularity especially after the massive gains observed last year. According to the Yandex report, Kazakhstanis demonstrated an increased interest in cryptocurrency since June last year with the interest intensifying in September. The report stated that this phenomenon was characterized by a lot of questions about cryptocurrency.
Most of the questions observed in the study were those in which internet users in the country wanted to understand blockchain, Bitcoin, mining, and ICOs. The report also stated that the question, "what is bitcoin" had its highest number of searches in December 2017 which was also the same month that the price of Bitcoin hit an all-time high of $20,000.
In its report, Yandex stated that: “In early 2018, Kazakhstan residents made about 15 times more requests with this word [cryptocurrency] than in the same period of 2017.”
The report also stated that Kazakhstanis are mostly searching the internet with the word “cryptocurrency” commonly appearing in their searches. Most of them have been searching on how to purchase cryptocurrency, how to exchange it and even how to mine it. Some of the searches that have also come up are about taking precautions where Kazakhstanis have been worried about cryptocurrency mining software being used on their computers. This is after various reports of crypto mining malware being used discretely on PCs without owners knowing. Just a month ago, four people employed by the Kazakhstani Ministry of Finance got in trouble after they were found mining cryptocurrency.
The rising popularity of ICOs has also sparked a lot of interest from people living in Kazakhstan as they seek to know more about the concept and how they can use it to make money. It is currently not clear whether the country’s government will be in support of cryptocurrency especially considering the opposition that has come from other countries such as China. However, recent reports suggested that Kazakhstan has been contemplating the licensing of a blockchain and crypto lobby group as part of its plan to encourage and welcome new technologies.