ASTANA, Kazakhstan, June 3. Kazakhstan is set to launch a new initiative that will introduce cryptocurrency payment cards, enabling users to make cashless transactions linked to digital wallets on licensed crypto service providers within the Astana International Financial Centre (AIFC), Trend reports.
This project was discussed during a meeting between the National Bank of Kazakhstan, banks, crypto exchanges, and fintech companies. The goal is to securely and conveniently integrate digital asset transactions into the existing payment infrastructure.
The crypto card system will allow users to sell their digital assets on the AIFC crypto market at the time of payment, instantly crediting the equivalent amount to the user's crypto card. In essence, payments will be processed in fiat currency, using funds from the customer's crypto wallet after the immediate conversion of digital assets.
This process will be facilitated through seamless crypto-fiat integration between the bank and the licensed crypto provider, ensuring quick and secure transactions.
In addition to the launch of crypto cards, the National Bank has coordinated with industry participants to launch several pilot projects in the digital asset sector, including:
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Issuance of stablecoins backed by the national currency for transactions involving digital assets;
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Tokenization of financial assets and real estate, as well as the issuance of security tokens.
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Development of systems for the accounting and storage of underlying assets for digital financial assets;
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Creation of services for exchanging and storing crypto assets;
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Other innovative financial services.
In collaboration with relevant government bodies, the National Bank has also drafted legislative amendments to expand the circulation of unbacked digital assets and create a regulatory framework for backed digital financial assets.