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Eurasian Bank and Intebix crypto exchange have launched crypto-related banking transactions with Bitcoins in Kazakhstan.
In May, the government of Kazakhstan approved a proposal for the cryptocurrency movement in the country to run a pilot project till December 2022. This first transaction has been initiated as per the approved terms.
Eurasian Bank will start crypto cards as well this year to increase this business. The scheme is getting so much support that other big banks like Halyk Bank and Altyn Bank are also preparing to get into this business to retain their customers and widen their opportunities.
Currently, Kazakhstan is a huge area for bitcoin mining. If its project in crypto banking is successful, Kazakhstan could become a stronghold for the cryptocurrency.
Kazakhstan's government is getting even closer to legalising bitcoin to stop it from turning into an economic issue as millions of people move from Russia, which could cause a refugee problem.
