Kazakhstan Soon To Avail Bank Accounts For Cryptocurrency

According to the Kazakh Association of Blockchain and Data Center Industry, crypto exchanges registered with the Astana International Financial Center (AIFC) will soon begin cooperating with local banks, allowing their clients to operate with cryptocurrencies in an official and open manner.

The Ekibastuz mining facility, image courtesy of Enegix

After the AIFC‘s pilot project with second-tier banks is launched, this will be possible.

To participate in the crypto exchange, an investor must have a valid account with one of the AIFC-registered banks.

The entrepreneur will be able to send money, acquire a cryptocurrency, and perform other transactions on the exchange market using this account.

Investors also have the option of transferring their earnings back to their bank account in the form of regular money, if they so choose. In this situation, the bank acts as a transaction mediator.

Previously, Kazakhstan took slack of bitcoin mining from china, becoming one of the biggest bitcoin mining hub.

The Kazakh government will be able to examine the risks and benefits of digital assets during the course of the pilot project, which is planned to endure for one year. Market experts predict that following the conclusion of the project, the restriction on bitcoin will become less categorical or will be cancelled outright.

Prime minister of kazakhstan, Askar Mamin

In the opinion of the experts, there are a few reasons why cryptocurrencies have gained acceptance in the country.

Sino-Bitcoin mining shares have fallen by approximately 30 percent since September 2019; China’s share is currently less than half of the entire Bitcoin network’s total mining power.

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