Kazakhstan Allows Crypto Purchases With Local Currency
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(Kitco News) – Kazakhstan has announced that it is ready to legalize a way for people to make cryptocurrency conversions if there is sufficient demand, according to President Kassym-Jomart Tokayev.
Tokayev’s comments came during a speech at the Digital Bridge 2022 international forum, where the head of state stressed that Kazakhstan aims to become a leading player in the field of new digital technologies with the creation of a robust cryptocurrency ecosystem and a regulated and transparent system. digital mining network.
According to Tokayev, the government of Kazakhstan has drafted amendments to national legislation to allow a pilot crypto conversion mechanism at the international financial center in Astana.
“Currency conversion is already underway at the site of the International Financial Center in Astana as part of a special pilot project. For this, quite innovative changes have been made to the national legislation and regulatory environment. And we are ready to go further,” Tokayev said. .
Depending on the success of the pilot, the program has the potential to be fully legalized and expanded.
“If this financial instrument shows its additional demand and security, it will certainly receive full legal recognition,” Tokayev said.
Local reports from Kazakhstan indicate that Eurasian Bank and Intebix have jointly completed the bank’s first regulated crypto purchase for fiat, marking the first time citizens have been able to legally buy crypto using the country’s tenge currency. .
The pilot program was launched in the capital Astana over the summer between Kazakh banks and AIFC-licensed crypto exchanges. The declared goal of the project is to test the opening of accounts for crypto exchanges and their clients in Kazakh banks.
Other companies involved in the pilot project include Halyk Bank – Kazakhstan’s largest bank – Altyn Bank, Eurasian Bank, and crypto exchanges like ATAIX Eurasia and Biteeu Eurasia.
The driver is expected to run in test mode until the end of 2022.
This development comes as thousands of Russians began to flock to Kazakhstan following the announcement of a partial mobilization of reservists to fight in Ukraine by Russian President Vladimir Putin. Halyk Bank had previously suspended the use of Russian Mir payment cards so as not to breach sanctions imposed by the US Treasury Department.
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