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Crypto purchases can now be processed by banks in Kazakhstan

2 min read

TL;DR Breakdown

  • Kazakhstan, the world’s largest landlocked country, is now in favor of crypto purchases.
  • Cryptocurrencies have become so popular in Kazakhstan that local businesses will accept them.
  • Crypto service providers can now open accounts in their banks for crypto transactions.

The cryptocurrency industry has so much potential that no country can remain on the sidelines. Kazakhstan has become one of the earliest adopters of cryptocurrencies. The government has given a green signal to the banks.

The banks will now be able to open accounts for those vendors or service providers who are involved with cryptocurrencies like BTC. The first report for this event was published in Khabar, a local newspaper.

Crypto purchases made easy

Kazakhstan is one of the earliest countries to allow banks to partner up with cryptocurrency exchanges to facilitate crypto purchases by customers and vendors.

Blockchain Association of Kazakhstan has revealed that exchanges can sign up with various banks at Astana International Financial Centre. The financial center has been a pillar for various financial activities in the country.

A safe haven for miners

Although, for now, it hasn’t been revealed what banks will be involved in the regulation of crypto purchases, Kazakhstan has now become a safe haven for all the miners that have been cast out of China.

The biggest Chinese miners Bitmain and Cannan, have struck deals with Chinese regulators. Although, Alan Dordjiev claims that it is still too early to claim Kazakhstan as a safe haven for miners.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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