Kazakhstan’s government is rumored to be intending to permit local banks to create cryptocurrency-related bank accounts legally.
Kazakhstan’s government is rumored to be intending to permit local banks to create cryptocurrency-related bank accounts legally. According to local news station Khabar 24, many banks in Kazakhstan will soon be formally allowed to serve organizations and businesses that provide exposure to cryptocurrencies such as Bitcoin. However, according to the article, it is unknown whether financial institutions or banks would join the pilot project, citing Kazakhstan’s Data Center Industry and Blockchain Association officials.
According to reports, the trial experiment will last a year.
By joining up for the Astana International Financial Centre initiative, a significant financial hub in Central Asia, cryptocurrency exchanges will begin collaborating with banks. The one-year pilot initiative aims to allow local crypto firms to legally provide crypto investment services and allow investors to purchase and sell cryptocurrencies such as Bitcoin safely. According to the article, the government will also evaluate the possible dangers connected with cryptocurrency investing as part of the initiative, as crypto trading is not yet allowed in the country.
Bitcoin miners are fleeing to Kazakhstan in the face of a Chinese crackdown.
The revelation comes from China’s current bitcoin mining crackdown, which has drawn more attention to the Republic of Kazakhstan. As a result, Bitmain and Canaan, two of the world’s top crypto mining firms, have begun collaborating with Kazakhstani organizations to operate mining facilities and services. However, even though Kazakhstan’s crypto mining sector is gaining traction, the association’s president Alan Dordjiev believes it is still too early to recommend a major migration of Chinese crypto mining capacity to the nation.