Kazakhstan reportedly allows banks to process cryptocurrency purchases mua

The authorities of Kazakhstan is reportedly planning to formally permit native banking establishments to open financial institution accounts for cryptocurrency transactions.

Several banks in Kazakhstan will quickly be formally authorised for service corporations and companies that permit publicity to cryptocurrencies comparable to Bitcoin (BTC), native information broadcaster Khabar 24 reported on Sunday.

Citing executives from the Kazakh Blockchain and Data Center Industry Association, the report notes that it stays unclear which monetary establishments or banks will take part within the pilot. Cryptocurrency exchanges will start working with banks by registering initiatives with the Astana International Financial Center, a significant monetary middle in Kazakhstan.

The pilot, which is slated to run for over a yr, goals to allow native crypto corporations to legally supply crypto funding companies and allow traders to securely purchase and promote cash comparable to Bitcoin. As a part of the undertaking, the Kazakh authorities additionally intends to assess the potential dangers related to investing in digital currencies, as cryptocurrency trading continues to be not legally accepted within the nation, the report mentioned.

The Kazakh Blockchain and Data Center Industry Association didn’t instantly reply to Cointelegraph’s request for remark.

Related: The authorities of Kazakhstan is growing a roadmap for the event of the cryptocurrency market

The information comes because the Republic of Kazakhstan is attracting growing consideration from world crypto miners due to the continued crackdown on crypto mining in China. Some of China’s largest cryptocurrency miners, Bitmain and Canaan, have began working with establishments in Kazakhstan to function mining amenities and companies within the nation.

Although the cryptocurrency mining trade is gaining momentum in Kazakhstan, it’s too early to advocate any critical relocation of China’s cryptocurrency mining powerhouses, mentioned the chairman of the affiliation, mentioned Alan Dordjiev.