The Republic of Kazakhstan is another country known for adoption of cryptocurrency.
As a result of the crypto mining crackdown in China, Kazakhstan has been drawing attention from global cryptocurrency miners.
Bitmain, Canaan and other largest Chinese crypto mining companies have started working with other startups in Kazakhstan.
The major aim of the partnership is based on how to run mining facilities and services in the country.
Despite the crypto mining industry increasingly gaining momentum in Kazakhstan, it is still early to suggest a serious relocation of Chinese crypto mining powers to the country.Alan Dordjiev
Adoption of cryptocurrency in Kazakhstan
The Republic of Kazakhstan is getting more serious about the crypto industry and digital assets.
Two months ago, the central bank of Kazakhstan issued an official report on a possible central bank digital currency.
The new development
Aside from the CBDC, the government of Kazakhstan is planning to officially authorize local banking institutions to open Bank accounts for cryptocurrency transactions.
According to local news channel, Khabar 24, several banks will soon be officially approved to service companies and businesses providing exposure to cryptocurrency
Citing the executives from the Data Center Industry and Blockchain Association, it is unclear what financial institutions or banks would participate in the pilot project.
Cryptocurrency exchanges will be able to participate with banks by signing up for the project.
Astana International Financial Center, a major financial hub in Kazakhstan will be in charge of the project.
The pilot project is expected to run for a year.
The aim is to enable local crypto businesses to legally provide crypto investment services.
Also, to allow investors to buy and sell cryptocurrencies like bitcoin safely.
You can safely buy, sell and swap your cryptocurrencies using kurepay.
The government of Kazakhstan also intends to assess the potential risks associated with digital currency.
The new initiative is initiated to provide transparency and organization for the local crypto industry.