Kazakhstan reportedly allows banks to process cryptocurrency purchases

According to reports, the government of Kazakhstan is planning to officially authorize local banking institutions to open bank accounts for cryptocurrency transactions.

Several banks in Kazakhstan will soon be formally approved to provide services to companies and businesses that provide exposure to cryptocurrencies such as Bitcoin.Bitcoin), local news channel Khabar 24 Report Sunday.

The report quoted executives from the Kazakhstan Data Center Industry and the Blockchain Association as saying that it is not yet clear which financial institutions or banks will participate in the pilot project. The cryptocurrency exchange will start cooperation with banks by registering the project in the Astana International Financial Center, Kazakhstan’s main financial center.

According to reports, the pilot project will run for one year, aiming to enable local crypto companies to legally provide crypto investment services and allow investors to safely buy and sell cryptocurrencies such as Bitcoin. The report pointed out that as part of the project, the Kazakhstan government also intends to assess the potential risks associated with digital currency investment, because the country has not yet legally adopted cryptocurrency transactions.

The Kazakhstan Data Center Industry and Blockchain Association did not immediately respond to Cointelegraph’s request for comment.

related: The government of Kazakhstan develops a roadmap for the development of the crypto market

This news comes from the Republic of Kazakhstan Attract more and more attention Due to China’s ongoing crypto mining crackdown, from global cryptocurrency miners. Some of the largest Chinese crypto mining companies, Bitmain and Canaan, have begun to cooperate with entities in Kazakhstan to operate mining facilities and services in the country.

The chairman of the association, Alan Dordjiev, said that although the crypto mining industry is gaining momentum in Kazakhstan, it is too early to suggest that China’s crypto mining rights be transferred to the country seriously. famous.