Kazakh private bank buys bitcoin for the first time

The second party to the transaction was the local cryptocurrency exchange, Intebix

29.09.2022 - 07:30

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What’s new? The Eurasian Bank conducted the first transaction to buy bitcoin for fiat money. Intebix (Biteeu Eurasia), a Kazakh cryptocurrency exchange, was the second party to the transaction. The bank’s upcoming plans also include the issuance of a cryptocurrency payment card for residents of Kazakhstan. Forklog reports, citing sources.

News on the Forklog website

What else is known about the transaction? According to Intebix director Talgat Dosanov, the operation between an exchange and a client bank opens access for Kazakhstan residents to legally buy cryptocurrencies for the local currency, tenge. The next step of cryptocurrency integration will be the issue of a cryptocurrency payment card, with which users will be able to pay with digital assets for purchases in stores in Kazakhstan. Transactions will be carried out in tenge using an account linked to client accounts on Intebix.

In June 2022, Kazakhstan approved rules for interaction between crypto exchanges and second-tier banks. Platforms registered with the Astana International Financial Center (AIFC) were allowed to have bank accounts. And in August, crypto exchange Binance received approval in principle to operate a digital asset platform and provide custodial services in AIFC.

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