Kazakhstan wants to launch a Cryptocurrency Backed by Fiat

[CryptoGirl]

Kazakhstan’s Astana International Financial Center (AIFC) and Exante have announced a partnership regarding the development of a national cryptocurrency. The Kazakhstan government intends to launch a state-issued cryptocurrency that is backed by fiat.

The governor of the AIFC, Kairat Kelimbetov, has expressed the institution’s belief that “blockchain and cryptocurrencies are entering the mainstream of today’s economic reality.” Kelimbetov emphasized the AIFC’s desire to become an international frontrunner in the development and adoption of distributed ledger technology. “Astana’s leading financial regulators have already commenced their work and are laying the foundation for Kazakhstan’s fintech-ecosystem. We believe that the AIFC can become an international hub for blockchain operations and the development of the digital assets market is our key priority in the near future,” he stated.

https://www.financemagnates.com/cryptocurrency/news/kazakhstan-set-launch-cryptocurrency-backed-fiat-money/

[coinhunter]

Nice, but why, it's going to rise if it is backed by fiat. And will there be a limited amount?