Kazakhstan to launch the first state cryptocurrency payment card
The government of Kazakhstan, through the National Bank, approved a pilot project for a state cryptocurrency payment card, specifically Bitcoin. Users will be able to make purchases by connecting to their wallets
Kazakhstan has approved a pilot project for the launch, through the National Bank, of the first payment card linked to cryptocurrencies such as Bitcoin, which will allow users to make purchases by connecting to their digital wallets.
The main requirement is that they be “registered on platforms authorized by the Astana International Financial Center (AIFC),” the country’s authorities have indicated.
When the user wishes to make the payment, the cryptocurrency is converted to the local currency and credited to the card to complete the transaction. This integration between banks and crypto-asset platforms seeks to facilitate the everyday use of digital assets without the need for intermediate steps.
Another initiative Kazakhstan is working on is the launch of other projects related to digital finance: “from the issuance of stablecoins backed by the tenge—the country’s official currency—to the tokenization of financial assets and real estate. Legislative reform is also planned to establish clear rules for the use of backed and unbacked digital assets.”
The Kazakh government seeks to become a regional benchmark in the field of innovation and the cryptocurrency market.
M.Pino
Source: cripto247
(Reference image source: Mariia Shalabaieva on Unsplash)
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