According to reports, the government of Kazakhstan plans to authorize local banks to open accounts for cryptocurrency transactions.
Local news channel Khabar 24 reported that several banks in Kazakhstan will soon have the approval to officially service businesses and companies offering exposure to cryptocurrencies such as Bitcoin (BTC).
The report cites executives from the Data Center Industry and Blockchain Association of Kazakhstan. It is not clear which financial institutions or banks will participate in the pilot project. By signing up at Astana International Financial Centre (a major financial hub in Kazakhstan), cryptocurrency exchanges can cooperate with banks.
According to reports, the pilot project will last for one year and enable local crypto companies to legally offer crypto investment services. It also allows investors to safely buy and sell Bitcoins. The report states that the Kazakhstan government will also evaluate the risks of digital currency investment, as crypto trading has not been legalized in Kazakhstan.
The news comes amid the Republic of Kazakhstan drawing increased attention from global cryptocurrency miners due to an ongoing crypto mining crackdown in China. Bitmain and Canaan are two of the most prominent crypto mining companies in China. They have begun working with Kazakhstani entities to operate mining facilities and other services in Kazakhstan.
Despite the crypto mining industry increasingly gaining momentum in Kazakhstan, it is still too early to suggest a serious relocation of Chinese crypto mining powers to the country.
John is working as a professional news editor at TechieGuard. He is accustomed to finding daily reports. Therefore, this keen working and addiction towards his work, it helps him to find good news.