The pilot is expected to run in test mode until the end of 2022. Some of the other companies involved in the pilot include Halyk Bank – Kazakhstan's largest bank– Altyn Bank, Eurasian Bank, and crypto exchanges like ATAIX Eurasia and Biteeu Eurasia. The stated goal of the project is to test the opening of accounts for crypto exchanges and their clients in Kazakhstani banks. The pilot program was launched in the capital city of Astana during the summer between Kazakh banks and crypto exchanges licensed in the AIFC. Norway, Israel and Sweeden central banks join the BIS in exploring CBDC payments Local reports coming out of Kazakhstan indicate that the Eurasian Bank and Intebix have jointly completed the bank's first regulated crypto purchase for fiat, marking the first time that citizens have been able to legally buy crypto using the country’s tenge currency.
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“If this financial instrument shows its further demand and security, then it will certainly receive full legal recognition," Tokayev said. And we are ready to go further,” Tokayev declared.ĭepending on the success of the pilot, the program has the potential to be fully legalized and expanded. For this, quite innovative changes were made to national legislation and the regulatory environment. "Currency conversion is already being carried out at the site of the Astana International Financial Center under a special pilot project. The comments from Tokayev came during a speech at the international forum Digital Bridge 2022, where the head of state emphasized that Kazakhstan intends 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 digital mining network.Īccording to Tokayev, the government of Kazakhstan has drafted amendments in national law to allow a pilot mechanism for converting crypto at the Astana International Financial Centre.
(Kitco News) - Kazakhstan has announced that it is ready to legalize a way for people to conduct cryptocurrency conversions if there is sufficient demand, according to President Kassym-Jomart Tokayev. Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions.
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