Kazakhstan allows payment of state duties using USDT and USDC stablecoins

Kazakhstan’s financial regulator AFSA has launched a pilot project allowing companies to pay state fees and licenses not only in US dollars or tenge, but also in stablecoins pegged to the dollar.

The first company to join the initiative is the crypto exchange Bybit, which signed a memorandum with AFSA. Previously, such payments went through banks, which made them slow and expensive, but the new system will provide fast and transparent settlements through USDT and USDC.

How payment of state duties with stablecoins will work

With the help of the pilot project, companies will be able to:

1. Make prompt payments for licenses and permits.
2. Reduce commissions and costs for conducting transactions through banks.
3. Use stablecoins pegged to the dollar, which ensures stability of payments.

I believe that this is an important step towards the digitalization of government payments and stimulating the integration of cryptocurrencies into the country’s economy.

Why should Kazakhstan legalize cryptocurrency?

• Speed up processes: payments via stablecoins are almost instantaneous.
• Transparency and control: every transaction is recorded in the blockchain.
• Support for innovative companies: a pilot project stimulates the development of fintech and the crypto sector.
• The new approach makes payments more convenient for business and reduces dependence on traditional banking schemes.

Briefly on the topic:

• AFSA of Kazakhstan launches a pilot for payment of state duties in USDT and USDC.
• Bybit exchange was the first to join the project.
• Payments will become fast, transparent and cheap.
• The pilot stimulates the digitalization of government accounting and fintech development.

🛑Disclaimer:
The material is for informational purposes only and does not constitute investment advice. The editors of the CryptoInside website are not responsible for possible financial losses incurred by readers when working with cryptocurrencies.