Bank initiates "cryptocard" initiative for digital currency transactions
Get Ready for Cashless Transactions with Cryptocards in Kazakhstan!
📅 June 3, 2025 saw a groundbreaking meeting in Almaty, where the National Bank of Kazakhstan and representatives from banks, cryptocurrency exchanges, and fintech companies gathered to discuss digital projects. This event marked the official launch of their project to introduce cryptocards, a game-changer for cashless transactions using digital assets.
💳 Cryptocards are innovative payment cards that allow users to make seamless transactions using their digital assets. Here's how it works: when you make a purchase, the digital currency is automatically sold on the Astana International Financial Center's cryptocurrency market, and the equivalent amount in tenge is instantly credited to your card. The payment is processed in your local currency, but the funds actually come from a licensed provider's cryptowallet.
🔵 And that's not all - the National Bank announced a series of pilot projects for 2025. Among these initiatives are the issuance of tenge-backed stablecoins, asset and real estate tokenization, the development of cryptocurrency storage services, and exchange operations. These moves are part of the head of state's instructions to foster the growth of the digital assets industry in Kazakhstan.
📝 The National Bank also shared updates regarding the development of a draft law aimed at expanding the legal framework for digital assets, both secured and unsecured.
🤝 If you're curious about why your installment goods might be pricier, you can learn more in our related article. Keep up with the latest developments in Kazakhstan's digital assets sector! 🌐
Enrichment Data Integration:
The National Bank of Kazakhstan is prioritizing the integration of digital assets into the country's financial system through projects such as the introduction of cryptocards, stablecoins, tokenization of financial assets and real estate, and the development of cryptocurrency storage and exchange services. Here are some key insights into these initiatives:
💳 Cryptocards (or Crypto Payment Cards) enable users to make transactions using digital assets on licensed crypto service providers within the Astana International Financial Centre's system.
📈The upcoming initiatives for 2025 include the issuance of stablecoins backed by tenge, tokenization of financial assets and real estate, the development of cryptocurrency storage services, and exchange operations.
🔐 The National Bank is crafting a draft law to extend the regulatory framework for digital assets, covering both secured and unsecured assets. This move is crucial for developing the digital assets sector in Kazakhstan.
The National Bank of Kazakhstan's priority is to integrate digital assets into the nation's financial system, with projects such as cryptocards and stablecoins, tokenization of financial assets and real estate, and the development of cryptocurrency storage and exchange services. Cryptocards, innovative payment cards, let users make transactions using their digital assets seamlessly through licensed crypto service providers within the Astana International Financial Centre's system. The upcoming initiatives in 2025 include the issuance of stablecoins backed by tenge, tokenization of financial assets and real estate, the development of cryptocurrency storage services, and exchange operations, aiming to foster the growth of the digital assets industry in Kazakhstan. The National Bank is crafting a draft law to expand the regulatory framework for digital assets, covering both secured and unsecured assets, which is essential for the development of the digital assets sector in Kazakhstan.
