Kazakhstan Will Allow Banks For Cryptocurrencies

Kazakhstan Will allow banks for cryptocurrencies. Kazakhstan has also become the new favorite of cryptocurrency miners.

Kazakhstan Blockchain and Data Center Industry Association announced that cryptocurrency exchanges registered with the Astana International Financial Center (AIFC) can start working with local banks. Accordingly, bank customers can now officially make cryptocurrency transactions.

The Program Will Continue For A Year

Prior to the implementation of the project, AIFC will first initiate a trial period with second-tier banks. To be able to trade on any cryptocurrency exchange, a person must be an official client of an AIFC-registered bank. Money will be sent to the exchange through these bank accounts. It was stated that the Kazakh government wanted to see the risks of the project and that the pilot program is expected to take about a year. Currently, although cryptocurrencies are banned in Kazakhstan, experts say they are confident that this ban will be lifted soon. According to experts, the fall in the global hash rate of China and the rise of Kazakhstan in the mining area stand out as the biggest reasons that can lead to the lifting of the ban. The Central Asian country currently stands as the 3rd largest Bitcoin producing country in the world. Between 6 and 8 percent of global mining takes place in Kazakhstan. Sergey Putra, the government relations coordinator of the Kazakhstan Blockchain and Data Center Industry Association, said: “The crypto industry has billions of dollars in volume. If 1 percent, or even a peace of that 1 percent of it, comes to Kazakhstan, it will be a huge investment for this country. It will provide jobs, salaries and taxes. It's a really big industry and Kazakhstan still ignores this even now…”