Kazakhstan to reportedly allow banks to process crypto purchases

Kazakhstan to reportedly allow banks to process crypto purchases

The country of Kazakhstan is one of the world’s largest crypto mining hubs. But they’re also keen to be a hub for the global banking sector. Reports say the Central Asian nation will soon be opening a cryptocurrency bank that will allow people to make payments and transfers using cryptocurrencies, such as bitcoin.

While South Korea and Japan are world leaders in cryptocurrency exchanges, the countries in question have not yet hinted at a possible crypto recognition option. However, a new announcement from the Central Bank of Kazakhstan suggests that the government is considering a new policy that would allow banks to execute crypto transactions.

Crypto enthusiasts in Kazakhstan will be able to purchase crypto tokens with their local bank accounts following a new law passed by the country’s parliament this week. The new law, which was passed by the Senate on Wednesday, will allow banks to process crypto transactions as long as the tokens are used for investment purposes. This new law is expected to help the country become more crypto-friendly as it seeks to become an international financial hub.. Read more about kazakhstan cryptocurrency and let us know what you think.

Kazakhstan to reportedly allow banks to process crypto purchases

 

Kazakhstan’s government is said to be preparing to formally allow local banks to establish cryptocurrency-related bank accounts.

Several banks in Kazakhstan will soon be legally authorized to provide services to firms and enterprises that deal in cryptocurrencies such as Bitcoin (BTC), according to local news station Khabar 24.

According to the article, it is unknown whether financial institutions or banks would join in the pilot project, citing officials from Kazakhstan’s Data Center Industry and Blockchain Association. By joining up for the initiative at Astana International Financial Centre, a significant financial center in Kazakhstan, cryptocurrency exchanges would begin collaborating with banks.

The one-year pilot initiative aims to allow local crypto companies to legally offer crypto investment services and allow investors to securely purchase and sell cryptocurrencies such as Bitcoin. The Kazakhstan government also plans to evaluate the possible dangers connected with digital currency investing as part of the initiative, despite the fact that crypto trading is not yet allowed in the nation, according to the article.

The Kazakhstan Data Center Industry and Blockchain Association did not immediately reply to a request for comment from Cointelegraph.

Kazakhstan’s government will establish a plan for the development of the cryptocurrency industry.

The announcement comes as a result of China’s current crypto mining crackdown, which has drawn greater attention to the Republic of Kazakhstan. Bitmain and Canaan, two of the biggest Chinese crypto mining firms, have begun cooperating with Kazakhstani organizations to operate mining facilities and services.

Despite the fact that Kazakhstan’s crypto mining sector is gaining traction, the association’s president Alan Dordjiev cautioned that it is still too early to propose a significant transfer of Chinese crypto mining capacity to the nation.

The Central Bank of Kazakhstan (CBAK) has reportedly signaled that it will allow banks to process cryptocurrency purchases with accounts that are monitored by the finance ministry. According to a report from the news outlet Oqtilnews, the CBAK has asked banks to monitor the accounts of the country’s citizens holding crypto assets in order to avoid money laundering. The finance ministry has also been asked to review the banking regulations that currently prohibit crypto purchases, in order to allow such activities.. Read more about national bank of kazakhstan annual report and let us know what you think.

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