The government of Kazakhstan is reportedly planning to officially authorize local banking institutions to open bank accounts for cryptocurrency transactions.
Several banks in Kazakhstan will soon be officially approved to service companies and businesses providing exposure to cryptocurrencies like Bitcoin (BTC), local news channel Khabar 24 reported Sunday.
Citing executives from the Data Center Industry and Blockchain Association of Kazakhstan, the report notes that it is unclear what financial institutions or banks would participate in the pilot project. Cryptocurrency exchanges will be able to cooperate with banks by signing up for the project at Astana International Financial Centre, a major financial hub in Kazakhstan.