Skip to content
Herald Sheets

Herald Sheets

Live Cryptocurrency News

Follow Herald Sheets on Twitter, Facebook, Telegram, Please Read Our Disclaimer

  • Homepage
  • Start Trading
  • Guide
  • Crypto News
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Ripple (XRP)
    • Dogecoin (DOGE)
    • Cardano (ADA)
    • Litecoin (LTC)
  • Analysis
  • Blockchain
  • Mining
  • Reviews
    • Brokers
    • Exchanges
  • Regulation
  • Press Release
  • About Us
    • Contact Us
    • Privacy Policy
    • Submit Press Release
  • Disclaimer
  • Crypto Mining
  • Crypto Trading
  • Cryptocurrency
  • News

Kazakhstan Expanding Crypto Mining, Cryptocurrency Banks Available Soon

Lucas Williams July 29, 2021 3 min read

Crypto enthusiasts in Kazakhstan can soon expect to be able to open cryptocurrency bank accounts. Local news outlets reported that soon enough, Kazakh citizens can get the chance to transfer their income into cryptocurrency. They’ll also get the opportunity to sell their coins on the crypto exchange market, and invest in Bitcoin.

This exciting news stems from reports by the Kazakh Association of Blockchain and Data Center. They stated that the country’s crypto exchanges that registered can soon collaborate with the local banks. The report mentions exchanges that opened under the context of the Astana International Finance Center.  This move will allow bank clients to officially work with cryptocurrency. Crypto enthusiasts can take advantage of this soon. It will activate once AIFC’s pilot project with second-tier banks launches.


trade now

To trade on the crypto exchange, the investor must have a legal account. They must be the holder, and the account should be in one of the AIFC-registered banks. Users can buy currency and use it to make purchases on the exchange market. And, they can transfer money as well.

Cautious investors can rely on the feature of transferring the received income back to their accounts in the shape of fiat currency. Here, the bank works as an intermediary for crypto-money transactions.

 This pilot project between crypto exchanges and local banks is set to last for a year. It’s like an experiment by the Kazakh government to evaluate the benefits and risks that digital currencies pose. Currently, there are prohibitions on the circulation of cryptocurrency in Kazakhstan. Even so, market experts speculate that the crypto ban will grow less categorical. Some are optimistic that the ban will be lifted altogether once the pilot project is completed.

They explained that there are numerous reasons that crypto is gaining recognition in the country. Part of it has to do with China’s crackdown on Bitcoin mining and trading activities in 2019. It caused the superpower’s share in global Bitcoin mining to reduce by around 30 percent. Now, it makes up less than half of the Bitcoin network’s capacity.

Because of the significant drop, Kazakhstan’s mining shares grew sixfold, making the country the third-biggest crypto producer in the world. For context, between six and eight percent of the world’s crypto mining volume comes from Kazakhstan.

The current state of the world’s financial condition is that crypto makes up a large chunk of finance. Considering the crypto market cap, it’s billions and billions of dollars worth of turnover. So if Kazakhstan can make even a fraction of one percent, it can benefit the country immensely. This is according to the Kazakh Association of Blockchain and Data Center Industry’s Government Relations Coordinator, Sergey Putra.

Trade Now

HeraldSheets.com produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us easily with Herald Sheets Facebook Messenger App. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

Continue Reading

Previous: Crypto Market Roundup For July 29
Next: Key Regulators In Malta And The Netherlands Approve OkCoin

Related Stories

Crypto Safety And Transparency At The Forefront Of Australian Senator’s Proposed Bill
3 min read
  • Blockchain
  • CBDC (Central Bank Digital Currency)
  • Crypto Trading
  • Cryptocurrency
  • Decentralized Cryptocurrency Exchange (DEX)
  • News
  • Regulation
  • Stablecoin

Crypto Safety And Transparency At The Forefront Of Australian Senator’s Proposed Bill

March 30, 2023
DeFiLlama is Facing an Internal Disagreement on the Matter of Forking the Blockchain Project
3 min read
  • Blockchain
  • Cryptocurrency
  • DeFi (Decentralized Finance)
  • News

DeFiLlama is Facing an Internal Disagreement on the Matter of Forking the Blockchain Project

March 30, 2023
Goldman Sachs Names Bitcoin the Best Performing Asset as Per Year-to-Date Evaluation
3 min read
  • Bitcoin (BTC)
  • Cryptocurrency
  • News
  • On-chain Data & Analysis
  • Price Analysis

Goldman Sachs Names Bitcoin the Best Performing Asset as Per Year-to-Date Evaluation

March 30, 2023

Top 10 Crypto

Name Price24H (%)
bitcoin
Bitcoin (BTC)
$28,278.00
-0.10%
ethereum
Ethereum (ETH)
$1,789.25
-0.58%
tether
Tether (USDT)
$1.00
0.00%
binancecoin
BNB (BNB)
$315.40
-0.20%
usd-coin
USD Coin (USDC)
$1.00
0.06%
ripple
XRP (XRP)
$0.54
-0.59%
cardano
Cardano (ADA)
$0.376434
-1.57%
dogecoin
Dogecoin (DOGE)
$0.074879
-1.05%
binance-usd
Binance USD (BUSD)
$1.00
0.19%
polkadot
Polkadot (DOT)
$6.09
-1.42%

Recent Posts

  • Priority Trading Review (Priority-Trading.Com) – Is Prioritytrading Scam Or A Proper Broker?
  • Crypto Safety And Transparency At The Forefront Of Australian Senator’s Proposed Bill
  • DeFiLlama is Facing an Internal Disagreement on the Matter of Forking the Blockchain Project
  • Goldman Sachs Names Bitcoin the Best Performing Asset as Per Year-to-Date Evaluation
  • Cardano’s Rising TVL Value Fails to Pump ADA Price
  • Congressional Hearing On Cryptocurrency Policy Puts SEC Chief Gary Gensler On the Hot Seat
  • DWF Labs Invests $40 Million In Fetch.ai To Deploy Decentralized Machine Learning
  • Hydra Ventures DAO Fund Raises $10M In New Funding Round
  • FTX’s $45M Bankruptcy Asset Sale Delays Embed Divestment Process
  • MetaMask Warns Users Of Fake Airdrop Rumors
  • Microsoft is Testing a Built-in Crypto Wallet for its Edge Web Browser
  • YouTube Influencers to Face Class Action Lawsuit for Promoting FTX
  • Singaporean Women Outperforms Men In Crypto Gains – Survey
  • Modification Of Crypto Banking Rules Possible If Market Reacts Strongly – Basel Committee Chair
  • Irene Zhao’s Crypto Social App Announces Fresh Fund Raise Of $4.5 Million 

Categories

You may have missed

Priority Trading Review (Priority-Trading.Com) – Is Prioritytrading Scam Or A Proper Broker?
4 min read
  • Cryptocurrency Brokers
  • Reviews

Priority Trading Review (Priority-Trading.Com) – Is Prioritytrading Scam Or A Proper Broker?

March 30, 2023
Crypto Safety And Transparency At The Forefront Of Australian Senator’s Proposed Bill
3 min read
  • Blockchain
  • CBDC (Central Bank Digital Currency)
  • Crypto Trading
  • Cryptocurrency
  • Decentralized Cryptocurrency Exchange (DEX)
  • News
  • Regulation
  • Stablecoin

Crypto Safety And Transparency At The Forefront Of Australian Senator’s Proposed Bill

March 30, 2023
DeFiLlama is Facing an Internal Disagreement on the Matter of Forking the Blockchain Project
3 min read
  • Blockchain
  • Cryptocurrency
  • DeFi (Decentralized Finance)
  • News

DeFiLlama is Facing an Internal Disagreement on the Matter of Forking the Blockchain Project

March 30, 2023
Goldman Sachs Names Bitcoin the Best Performing Asset as Per Year-to-Date Evaluation
3 min read
  • Bitcoin (BTC)
  • Cryptocurrency
  • News
  • On-chain Data & Analysis
  • Price Analysis

Goldman Sachs Names Bitcoin the Best Performing Asset as Per Year-to-Date Evaluation

March 30, 2023
Copyright © All rights reserved. | DarkNews by AF themes.
  • RelevantRelevant(REL)$0.825.35%
  • TadpoleTadpole(TAD)$7.32-1.74%
  • SEENSEEN(SEEN)$2.05-2.27%
  • EvedoEvedo(EVED)$0.082301-0.80%
  • MarginswapMarginswap(MFI)$0.184213-2.11%
  • SakeTokenSakeToken(SAKE)$0.0127135.28%
  • WTF TokenWTF Token(WTF)$0.0113500.17%
  • BNSD FinanceBNSD Finance(BNSD)$0.005461-5.83%
  • RobotinaRobotina(ROX)$0.00266138.50%
  • CageCage(C4G3)$0.005010-3.67%