• Kazakhstan is rumored to be considering allowing banks to process cryptocurrency purchases

  • Kazakhstan’s ruling body is expected to allow local banks to offer cryptocurrency exposure to their customers. The implementation will last one year, following which the government will decide whether or not to continue it.

    Kazakhstani Bank Accounts for Crypto Transactions

    According to Kazakhstani news channel Khabar 24, the government intends to legally license local banks to issue accounts for digital asset trading.

    Several institutions will be granted authority to provide bitcoin exposure to enterprises and firms in the near future. The government of the Asian country should be able to analyze the dangers and benefits of virtual currencies as a result of this.

    Sergey Putra, a Data Center Industry leader, feels that the next move will pave the way for further bitcoin acceptance in the country. He emphasized that Kazakhstan is already a mining hotspot, with many inhabitants trading a variety of digital assets. According to Putra, the crypto market has the potential to bring significant money into Kazakhstan, hence the country should focus on it:

    “Billions of dollars change hands every day all across the world. Even if Kazakhstan only takes a fraction of a percent, this is significant money that will flow into Kazakhstan in the form of investments…it will stay in the form of taxes, jobs, and salaries. This is a massive business that Kazakhstan continues to ignore.”

    The government will make it permissible for trading venues to work with banks. All they have to do now is sign a mutual agreement in Astana, Kazakhstan’s capital. The trial project is expected to operate for a year, giving local investors the opportunity to buy and sell Bitcoin and other cryptocurrencies in a secure environment.

    Kazakhstan Has a High Concentration of Cryptocurrency Mining

    The Asian nation demonstrated its desire to be among the leaders in the mining of digital assets. Kazakhstan raised $715 million in September of last year to boost this sector in the Central Asian country.

    Following the crackdown in China earlier this year, many corporations transferred their operations and infrastructure out of the country.

    The IBC Group, for example, is an investing firm. The company, which has large cryptocurrency mining activities in China, has stated that it will shut down all of its Bitcoin and Ethereum mining operations in the nation. Kazakhstan is one of the countries where the organization aims to relocate its employees.

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