Kazakhstan is reportedly allowing local banks to service crypto firms as the Chinese miners, misplaced as a consequence of a major crackdown on crypto producers in the country, interacts with Kazakhstan’s business entities.
AIFC Pilot Program
According to the Association of Blockchain and Data Center Industry in Kazakhstan, the government is moving towards enabling banks to allow the general public and businesses to deal in crypto through their accounts with the local banks.
Though in the future the scope of the program could certainly be widened, for now only the banks registered with AIFC[Astana International Financial Centre] would be allowed to engage in the pilot program. The program is intended to explore the pros and cons of crypto. As reported the banks participating in the program will be of the second tier, the list of the participants is not being public yet.
According to a senior coordinator at AIFC, there are several critical reasons for which the fed has decided to run a crypto pilot program. Firstly, the country hosts somewhere in between 6 to 8 percent of global crypto mining, secondly, several major crypto firms have discontinued their operations in the country, thirdly and perhaps most significantly the prospects of fraud that endangers the masses.
Bases of the Program:
Sergey Putra stated that the global assumption is that the crypto market volume is a fairly large. it is billions of dollars in daily volume around the world. And even if Kazakhstan takes some fraction of a percent, even better one percent of this volume, this is serious money that will come to Kazakhstan in the form of investments, will remain here in the form of taxes, in the form of jobs, and salaries. This is a very large industry, which Kazakhstan still neglects.
Relocation of Chinese Miners:
Further, the Chairman of AIFC, Alan Dordzhiev, denied that the Chinese miners have relocated massively to Kazakhstan as he stated that relocation is a complex process and miners are required to go through plenty of documentation and covid too is a barrier to it.
While Other Cryptos are Speculative, Ripple’s XRP has a Real User Case, Former US Treasurer
Upgrade your trading strategy using Cindicator
SEC has No Clear Framework for Crypto, States CEO Ripple Brad Garlinghouse
Over $400 Million Liquidated in the Crypto Market After China FUD News
Ripple Grants $2 Million to Developers, as the Firm Focuses Specifically on NFT Market
Recent Press Release
1xBit review: reasons to visit it
The biggest attraction of 1xBit is that its bets are exclusively in cryptocurrencies. Its possibilities are wide, since you can...
Leading crypto gambling sites that you need to know
Cryptocurrencies have become very popular among iGaming players. But, the industry is always growing. So, it can be hard to...
Tipsy pledges to revolutionize the entertainment industry by creating the world’s first blockchain-based entertainment ecosystem
Technology plays a vital role in today’s entertainment industry. As humans, we are all constantly improving, looking for ways to...
Cryptocurrencies: The Good and the Best of the Popular Digital Coins
It has become a critical debate for around the past few weeks regarding investment in digital coins. Due to their...
Can you Get Bitcoin for Free? Check some Options
When we see Bitcoin soaring high, we tend to get wilder and more significant in terms of its value and...