The Kazakhstan cryptocurrency exchange Intebix (Biteeu Eurasia) and the Eurasian Bank carried out the first joint fiat-to-Bitcoin purchase transaction. ForkLog was informed by representatives of the trading platform.
The bank developed in-house a process for depositing and withdrawing tenge on the exchange with low fees.
“This is the first crypto-fiat transaction between an exchange and a bank client on the Eurasian continent. It opens residents of Kazakhstan access to legally purchasing cryptocurrencies with tenge,” said Talgat Dosanov, director of Intebix.
The Eurasian Bank also announced plans to issue by the end of the year payment crypto card, which could be accepted in stores. The operation itself will be conducted in tenge from the account linked to the client’s Intebix account.
The financial institution is currently working with the National Bank on potential risks of this project.
In June a special working group, comprising representatives from the Ministry of Digital Development, the central bank and other regulators of Kazakhstan, approved pilot rules for carrying out cryptocurrency operations at the Astana International Financial Centre.
At the initiative’s participation are licensed exchanges in collaboration with second-tier banks.
The pilot will be implemented throughout 2022. If successful, authorities will amend the legislation.
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