Kazakhstan approves pilot for QR based crypto payments

Kazakhstanis will be able to pay with crypto via a simple QR scan / Photo: Shutterstock, photo editor: Adelina Mamedova

Kazakhstan’s National Bank has approved the launch of three pilot projects involving digital assets, including a pilot that would allow cryptocurrency payments via QR codes, the regulator’s press office said.

Three areas selected for testing

According to the National Bank, the pilot projects will focus on three key areas:

QR-code payments using digital assets. Tokenization of the National Bank’s refined gold. Issuance and circulation of a tenge-denominated stablecoin to facilitate transactions involving digital assets.

The regulator did not provide a timeline or additional details on how or when the pilot projects will be implemented.

Industry moves ahead with QR payments

Separately, in early October, the cryptocurrency exchange Bybit Kazakhstan announced the launch of its own pilot project allowing customers to pay for goods and services using digital assets via QR codes.

The announcement highlighted growing interest among market participants in expanding the practical use of digital assets within the country.

Regulating crypto payments

The pilot initiatives come amid ongoing regulatory debate over the role of cryptocurrencies in Kazakhstan’s financial system.

Last week, Madina Abylkassymova, head of the Agency for Regulation and Development of the Financial Market, told lawmakers during a Senate discussion of a new banking law that cryptocurrencies would be prohibited for payments by individuals. Under the proposed framework, she said, digital assets would be permitted only for investment purposes.