Kazakhstan Officially Ushers in Era of Legal Crypto Payments
Madiev Conducted the First Transaction Using Digital Assets
Translated with AI from the Russian original.
Zhaslan Madiev, the head of the Ministry of Industry and Digital Development of Kazakhstan, made the first payment using digital assets in the presence of President Kassym-Jomart Tokayev. This was reported by the press service of the department.
The transaction was the result of the integration of the Binance Kazakhstan blockchain ecosystem and Alatau City Bank.
Right before the President's eyes, the process took mere seconds: through a standard bank QR code, digital assets were instantly converted into tenge for businesses.
The case was implemented in the "regulatory sandbox" of the National Bank of Kazakhstan. It will serve as the basis for scaling the project across the entire country. The corresponding work will begin in May of this year.
Minister Madiev stated that the legal framework prepared by the authorities allows companies and banks to build a transparent channel for interaction using cryptocurrency. This process will help bring digital assets out of the shadows and integrate them into Kazakhstan's economy, he added.
The launch of crypto payments will be a logical step in the digitalization of financial services.
The ministry emphasized that currently, more than half a billion people worldwide use digital assets. The volume of payments in stablecoins is comparable to the turnover of the largest global financial systems.
