Kazakhstan to pilot cryptocurrency bank accounts, allowing users to trade cryptocurrencies

On July 27, according to a report from the Kazakhstan Blockchain and Data Center Industry Association, cryptocurrency exchanges registered on the basis of the Astana International Financial Center (AIFC) will soon begin to cooperate with local banks on pilot projects to allow customers to officially and publicly trade cryptocurrencies.

It is reported that investors can open a legal account in a bank registered with AIFC to purchase and trade cryptocurrencies.

In addition, investors will have the opportunity to transfer the received income back to their accounts in the form of ordinary currency. It is reported that the pilot project is expected to last for one year so that the Kazakhstan government can evaluate the risks and benefits of digital assets. Although the circulation of digital currencies is currently prohibited in Kazakhstan, market experts expect that after the completion of the project, the ban on cryptocurrencies will become less clear or will be lifted completely.