Eurasian Bank which is headquartered in Almaty has reportedly conducted a cryptocurrency exchange that was facilitated by Intebix.
Intebix is one of the highly popular and largest cryptocurrency exchanges operating in Kazakhstan. Both entities have reportedly collaborated with each other in order to conduct a transaction for cryptocurrencies.
The Significance of the Transaction
It may sound normal to think that a cryptocurrency took place in Kazakhstan. What makes it interesting and gives it significance is that it was a transaction that took place between a banking institution and a cryptocurrency exchange.
The exchange reportedly involved three entities where the first one was the customer who triggered the transaction. The cryptocurrency trading platform that facilitated the transaction and the bank that let the transaction complete.
It is a digital transaction that included the direct involvement of an institutional bank. In the past, transactions only took place between consumers and cryptocurrency exchanges.
The consumers would transfer funds from their accounts to the cryptocurrency wallets and then use them from there. This time, the Eurasian Bank was directly involved in the transaction.
Another major plus point of the transaction was that it did not take place in the form of a digital currency or a cryptocurrency. Instead, it took place in the form of a fiat currency of Kazakhstan.
The announcement surrounding the transaction was made by both entities during the Digital Bridge 2022 conference.
Locals can buy Crypto Using Fiat
With the latest test transaction carried out between the institutional bank and the exchange, things have become quite interesting for the locals.
With the transaction successfully taking place between the entities, it has become possible for the locals to perform cryptocurrency transactions.
The locals will be able to purchase cryptocurrencies from the cryptocurrency exchanges directly using their bank account fiat currency.
The locals would also have the opportunity of carrying out transactions at the lowest fees. These transactions would take place at the lowest fees in the entire world.
The Eurasian Bank confirmed it during the Digital Bridge 2022 conference.
Country to Allow Cryptocurrency Transactions
It was back in May when the regulatory authority announced that they had approved regulations that would regulate the transactions of cryptocurrencies in Kazakhstan.
However, the regulators announced that cryptocurrency transactions would be permitted in the country based on certain conditions.
Additionally, the cryptocurrencies that want to become part of the particular project would need a license from the respective regulator.
The banks would be required to adhere to certain rules and regulations before they start offering and facilitating the users processing cryptocurrency transactions.
This is a key step taken by Kazakhstan to enable cryptocurrency transactions in the country.