BITMD
BITMD
BITMD
  • Home
  • Privacy Policy
  • Contact Us
  • Sitemap
  • Cryptocurrency

Kazakhstan allowing local banks to service crypto firms, under a year-long pilot program

  • July 27, 2021
  • Gordon James
Total
0
Shares
0
0
0

In early June, the Central Bank of Kazakhstan (CBoK) announced that it would be allowing local banks and commercial banks to service cryptocurrency companies with their own risk appetite under a year-long pilot program. This week, CBoK announced that the full program has been launched.

In a move that both cryptocurrency enthusiasts and skeptics alike are excited about, Kazakhstan will be allowing local banks to service crypto exchanges and ICOs starting next year.

This article is for the latest news on the cryptocurrency world. Cryptocurrency news from an outlet that reports on the latest news in the cryptocurrency world.. Read more about blockchain country list and let us know what you think.

Kazakhstan is allegedly enabling local banks to serve cryptocurrency companies as a result of Chinese miners being displaced as a result of a massive crackdown on cryptocurrency production in the nation.

Pilot Program of the AIFC

According to Kazakhstan’s Association of Blockchain and Data Center Industry, the government is working to enable banks to allow the general public and companies to trade cryptocurrency via their bank accounts.

Though the initiative’s scope may be expanded in the future, for the time being, only banks registered with AIFC [Astana International Financial Centre] will be permitted to participate in the pilot program. The goal of the program is to look at the benefits and drawbacks of cryptography. The banks participating in the initiative will be of the second tier, according to reports, although the list of participants has not yet been made public.

The government has chosen to conduct a crypto pilot program for many important reasons, according to a senior coordinator at AIFC. To begin with, the nation hosts about 6 to 8% of worldwide crypto mining; second, many big crypto companies have ceased operations in the country; and third, and probably most importantly, the possibility of widespread fraud.

The Program’s Foundations:

According to Sergey Putra, the worldwide presumption is that the crypto market volume is substantial. The daily volume is in the billions of dollars all around the globe. And even if Kazakhstan takes a fraction of a percent, or even one percent, of this volume, this is significant money that will come to Kazakhstan in the form of investments, taxes, jobs, and wages, and will stay here in the form of taxes, employment, and pay. This is a massive sector that Kazakhstan continues to overlook.

Chinese Miners Relocation:

Furthermore, AIFC Chairman Alan Dordzhiev disputed that Chinese miners had moved in large numbers to Kazakhstan, claiming that relocation is a complicated procedure in which miners must go through a lot of paperwork and that covid is a barrier.

Kazakhstan has a population of 16.3 million people, but because of it’s geographical location in the centre of Eurasia, it also has 2,000 miles of border with Russia. The country has extremely difficult weather conditions, with temperatures ranging from -20 degrees Celsius to 50 degrees Celsius. Not only that, it’s also one of the world’s poorest countries, which means that it needs to import most of its goods, including most of its food. The most notable example is IT, where the country imports around 90 percent of its technology goods.. Read more about blockchain government use cases pdf and let us know what you think.

Related Tags

This article broadly covered the following related topics:

  • kazakhstan in talks on $700 mln in cryptocurrency mining projects
  • kazakhstan cryptocurrency
  • kazakhstan bitcoin mining
  • mining city kazakhstan
  • largest bitcoin mining rig
Total
0
Shares
Share 0
Tweet 0
Pin it 0
Gordon James

Previous Article
  • Cryptocurrency

NatWest cuts payment channels to Binance, citing regulatory uncertainty

  • July 22, 2021
  • Gordon James
Read More
Next Article
  • Cryptocurrency

Bull or bear market, creators are diving headfirst into crypto

  • July 28, 2021
  • Gordon James
Read More
You May Also Like
Read More
  • Cryptocurrency

A year of mass adoption for cryptocurrencies in Brazil

  • Gordon James
  • June 30, 2022
Read More
  • Cryptocurrency

5 Best Crypto Games to Watch in January 2022

  • Gordon James
  • June 29, 2022
Read More
  • Cryptocurrency

Indian INX exchange reportedly plans to list Bitcoin futures ETF

  • Gordon James
  • June 29, 2022
Read More
  • Cryptocurrency

What to expect from the blockchain world in 2022? | Footprint Analytics Annual Report 2021

  • Gordon James
  • June 29, 2022
Read More
  • Cryptocurrency

Footprint Analytics: Will 2022 See the Emergence of GameFi 2.0? | Annual Report 2021

  • Gordon James
  • June 17, 2022
Read More
  • Cryptocurrency

DEESSE Token Sale is Launching on KuCoin

  • Gordon James
  • June 17, 2022
Read More
  • Cryptocurrency

Bitcoin shoots to $44,000 as US inflation hits 7% in December

  • Gordon James
  • June 17, 2022
Read More
  • Cryptocurrency

Arkania Protocol Launch Multi-Chain Launchpad Making IDOs Accessible to All

  • Gordon James
  • June 14, 2022
Table of Contents (Topics Covered)
  1. Pilot Program of the AIFC
  2. The Program’s Foundations:
  3. Chinese Miners Relocation:
    1. Related Tags
Do Read
  • 1
    Will Dogecoin Catch Bitcoin? | ProVsCons
  • 2
    Kadena (KDA) Price Skyrockets by 15%: Can it Return to its November ATH?
  • 3
    Best Crypto Trading Bots 2021 – Automated Crypto Profits!
  • 4
    Kenyan Fintech Startup to Use Stablecoins to Transfer Universal Basic Income Payments to African Refugees
Read More
  • Interlay Raises $6.5M Towards Tokenized Bitcoin on Polkadot
    • December 23, 2021
  • BTC investors shouldn’t transact until tax code changed
    • March 26, 2021
  • Bull or bear market, creators are diving headfirst into crypto
    • July 28, 2021
  • Cocos-BCX Soars to 60% In a Day
    • August 22, 2021
  • Filipinos Can Now Cash in Crypto Without Fees Through Moneybees OTC Outlets – Press release Bitcoin News
    • June 4, 2021
Recent Posts
  • A year of mass adoption for cryptocurrencies in Brazil
    • June 30, 2022
  • 5 Best Crypto Games to Watch in January 2022
    • June 29, 2022
  • Indian INX exchange reportedly plans to list Bitcoin futures ETF
    • June 29, 2022
BITMD
  • Home
  • Privacy Policy
  • Contact Us
  • Sitemap
The Crypto Doctor

Input your search keywords and press Enter.