Kazakhstan looks into introducing crypto exchange tools into payment terminals, a move that will allow payments for goods and services in cryptocurrencies.
At the meeting of the Senate’s committee on finances and budget, the deputy chair of the committee of digital assets and breakthrough technologies of the Digital Ministry Miras Zakiyev stated that the development of an ecosystem allowing Kazakhstanis to pay with cryptocurrencies for goods and services is planned within the CryptoCity project.
«The team studied international experience while developing the project. The National Bank’s regulatory sandbox is planned to include integrating crypto exchange and AIFC tools into the banking infrastructure, as well as simplifying interaction between traditional and digital financial systems. Work is also underway to modify second-tier banks’ payment terminals to integrate crypto exchange tools,» Zakiyev said.
The project is expected to become the first step toward the legalization and development of a regulated digital asset market. Banks are also anticipated to provide customers with access to cryptocurrency operations through their platforms.
According to Zakiyev, a project involving the crypto exchanges of Freedom Pay and Yandex Kazakhstan is also under development — memorandums on cooperation have been signed with the companies.
«These projects envisage that merchants and second-tier banks will receive fiat and do not require them to participate in the National Bank’s sandbox. Overall, within the CryptoCity project, special attention is being paid to mitigating the risks of shadow digital asset turnover,» Zakiyev added.
In late May, President Kassym-Jomart Tokayev announced at the Astana International Forum the establishment of a pilot special zone called CryptoCity, where cryptocurrency transactions will be allowed.
