Kazakhstan’s central bank has officially launched a pilot program to issue crypto cards, enabling users to spend their cryptocurrencies at merchants that accept fiat currency. This bold move marks another milestone in the nation’s journey to integrate digital assets into its traditional financial system.
Bringing Crypto to the Mainstream
The National Bank of Kazakhstan (NBK) unveiled the initiative at a recent meeting in Almaty, where top officials, commercial banks, crypto exchanges, and fintech leaders gathered. The aim? To expand the use of digital assets like never before.
Under this pilot, crypto cards will be tied to wallets hosted by licensed crypto service providers, including those at the Astana International Financial Center (AIFC). When cardholders pay at a store, their crypto will be instantly converted to the national currency, tenge. The transactions will be settled by a cooperative effort between crypto platforms and commercial banks.
“This solution allows safe and convenient integration of digital assets into Kazakhstan’s existing payment infrastructure,” the NBK explained in a statement.
From Stablecoins to Tokenized Assets
The crypto cards are just the beginning. Kazakhstan has ambitious plans for the digital economy in 2025 and beyond:
Stablecoin Launch: The NBK is working on introducing a stablecoin backed by the national currency. This includes both the traditional tenge and its digital counterpart.
Asset Tokenization: Authorities also plan to digitize financial assets, real estate, and securities, creating new investment opportunities.
Regulatory Framework: The NBK has drafted legislative changes to allow for broader use of unsecured digital assets and establish rules for secured digital assets.
Kazakhstan’s Evolving Crypto Landscape
Previously known for its significant Bitcoin mining industry, Kazakhstan has historically taken a cautious stance on crypto. However, in the past year, the country has shifted gears:
✅ In May, the NBK announced that crypto trading will be legalized outside the AIFC hub, with a new licensing regime for exchanges.
✅ President Kassym-Jomart Tokayev recently revealed a pilot zone called “CryptoCity” to test crypto payments.
✅ The government aims to boost crypto-related tax revenue, which has already reached $35 million in just three years.
Looking Ahead
Kazakhstan’s proactive push into digital assets signals a broader commitment to modernizing its economy. With crypto cards set to hit the mainstream and other blockchain projects on the horizon, Kazakhstan is shaping up to be a serious player in the global digital finance ecosystem.
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