Kazakhstan is starting a new project of cryptocurrency payment cards which will be connected to digital wallets at licensed crypto platforms within the Astana International Financial Centre (AIFC). The cards would involve transactions around Bitcoin (BTC) and other cryptocurrencies.
This project has come out during the meeting between the National Bank of Kazakhstan, banks, crypto exchanges, and fintech companies. The idea is to make it easier and safer for people to use cryptocurrency in real life.
At the time of the transaction, the user will use the crypto card, and their digital assets will be automatically converted into the national currency. The money is then transferred to the card and applied to make the payment. While the transaction is conducted through cryptocurrency, the ultimate payment will occur in normal money (fiat). This seamless process is facilitated by close collaboration between banks and crypto providers.
Aside from the crypto cards, the National Bank of Kazakhstan is also funding some other digital initiatives. These include issuing stablecoins denominated in the national currency, converting assets such as property into tokenization, and developing systems for the secure storage of digital financial assets.
The nation is also striving to develop services that enable one to easily exchange and store crypto. The aim is to promote innovation and establish an up-to-date financial system.
