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Kazakhstani Interest in Cryptocurrencies Grew 15 Times More in January 2018 Than 2017

Yandex study reveals interest in blockchain and Bitcoin has been surging in the country

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Yandex Study Reveals Rising Crypto Interest Among Kazakhstanis

A Yandex study which asked questions to Kazakhstanis on topics related to blockchain, mining, and cryptocurrencies, has revealed that Kazakhstani interest in this new-age technology has grown exponentially in recent years. For instance, Kazakhstanis most actively looked for word combinations with the word “cryptocurrency” in early 2018, amounting to about 15 times more requests with this word than in the same period of 2017.

Report Stats: 2018 vs 2017

According to an unofficial translation from a zakon.kz report, over the same period:

  • Users querying Yandex about video cards for mining and how to mine have grown 10 times
  • User queries relating to Bitcoin on Yandex grew 7 times in early 2018 compared with early 2017
  • Kazakhstanis have also most often been found making inquiries about cryptocurrency courses, about buying, how to mine Bitcoins, how much it costs and what Bitcoin is in simple words.
  • Searches with the word ICO were made 4 times more often than a year earlier

Interest has particularly been soaring since November and continues to grow. “What is blockchain” and “What is Bitcoin” remain two of the most popular searches on Yandex’s search engines. Interestingly, these two saw interest among Kazakhstanis peak in September 2017 and December 2017 (when Bitcoin was at its peak), respectively.

Country-level Developments Supporting This Surging Interest

In July 2017, the country signed an innovation pact with Deloitte and the blockchain company Waves to examine how the technology can operate in government and to become the “second after Japan” to “recognize the need for the development of the cryptocurrency market system at governmental level.”

In November 2017, the economy established its own National Blockchain and Cryptocurrency Association.

The country has also been exploring the idea of launching a CryptoTenge, a digital representation of Kazakhstan’s national currency (the Kazakhstani Tenge), similar to the CryptoRuble.

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