Choosing a broker Forex, Cryptocurrency, Stock market in Kazakhstan

The peer-to-peer payment system Bitcoin is becoming more popular every year. At the same time, even those network users who until recently did not know about its existence are showing interest in cryptocurrencies. The uniqueness of Bitcoin lies in the limited number of coins and the complete lack of decentralization.

The system operates on the basis of advances in cryptographic security methods and is in fact an open “ledger.” So, every network user can view the transaction history. At the same time, financial transactions occur anonymously and without the involvement of a third party. Another advantage of cryptocurrency is that only the owner can freeze it.

Considering all the advantages of Bitcoin, as well as the constant increase in its value, it is not surprising that the number of requests is increasing, where to buy cryptocurrency in Kazakhstan and how to exchange it?

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How can I exchange Bitcoin in Kazakhstan?

Today, digital currency can be spent in different places. You can use it to pay for services. Also, some Kazakhstanis use cryptocoins for cold storage with subsequent sale at a higher cost.

From an investment point of view, such a step is quite risky, because Bitcoin is not backed by any assets, and its value is based on demand. But this does not prevent investors from receiving huge profits, because from 2009 to 2020, the price of one bitcoin increased from one cent to $2,000.

You can exchange cryptocurrency in several ways:

• through specialized exchange offices;
• payment systems;
• exchange exchanges.

Each transaction on the Bitcoin network is paid, but the sender regulates its cost independently. When the commission size decreases, the transfer speed decreases. For example, if a user wants to withdraw bitcoin to a Sberbank card in Kazakhstan , he may not pay for the transaction. But such actions are not recommended, since the transfer may take a long period.

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Bitcoin ATMs. How to exchange cryptocurrency in the Republic of Kazakhstan?

ATM devices are a great way to purchase cryptocurrency with fiat money.

The first device was installed in Canada (2013). Since then, the number of ATM devices has increased significantly. As of March 2020, there were more than 1,030 devices operating worldwide, with more than 65% of ATMs installed in the United States. Canada and the UK are also leaders in this direction. For comparison, it is worth noting that in 2020 the number of ATMs was about 540.

Despite the fact that Kazakhstan lags significantly behind post-Soviet countries in the number of cryptocurrency users, it was here that the first Bitcoin machine appeared in 2020. For example, in Russia a similar device started working only next year. In Ukraine, the first Bitcoin ATM began operating in the spring of 2020.

Cryptocurrency owners can exchange Bitcoin for tenge in Kazakhstan using an ATM. Of course, this option is suitable only for residents of the capital. The exchanger is located in a shopping mall, one of the most visited in the city.

It is worth noting that today the devices exchange not only the main crypto coin, but also altcoins. ATMs operate without the need to fill out forms and other papers. Therefore, the conversion operation is completely anonymous.

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Kazakh authorities plan to officially legalize cryptocurrency and blockchain

In Kazakhstan, they propose to introduce the concepts of “blockchain” and “cryptocurrency” into the Civil Code. This was reported by local media, citing a project by the Ministry of Digital Development, Innovation and Aerospace Industry (MDIDA). The project is under discussion until September of this year.

According to the document “On Amendments and Additions to Certain Legislative Acts on the Regulation of Digital Technologies,” the amendments are aimed at “regulating public relations in the field of digital technologies.” The document says:

“The concept of “digital asset” (blockchain) is introduced, which can be a digital means of exchange, a means of accounting, storage of value, and certifies the right to property or other objects of civil rights. As for cryptocurrency, the cases, procedure and conditions of settlements with it are determined by acts in the territory of the AIFC (International Financial Center). It is also exempt from value added taxes.”

The document has been submitted for public discussion until September 2 of this year.

It should be clarified that Kazakhstan, as part of last year’s changes to the acts of the International Financial Center (AIFC), actually opened the doors to cryptocurrency and began the process of forming the necessary professional platform. Cryptocurrency was singled out as an independent object of circulation.

Activities related to the circulation of private cryptocurrency within the AIFC are also highlighted as a separate type of market operations. Such activities can only be carried out by AIFC participants on the basis of an appropriate license (meaning crypto exchanges).

Thus, the AIFC has taken a progressive step by creating a legal framework and a professional platform for the circulation of cryptocurrency and the activities of crypto exchanges within its jurisdiction. It is possible that in the near future we will see the first cryptocurrency transactions carried out on crypto exchanges registered in the AIFC.

Publication date 08/21/2019 Share this material on social networks and leave your opinion in the comments below.

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The latest news on the cryptocurrency market and mining:

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• Author of the material
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Mining-Cryptocurrency.ru

The material was prepared by the editors of the website “Mining Cryptocurrency”, consisting of: Editor-in-Chief - Anton Sizov, Journalists - Igor Losev, Vitaly Voronov, Dmitry Markov, Elena Karpina. We provide the most up-to-date information about the cryptocurrency market, mining and blockchain technology.

News Mining-Cryptocurrency.ru (go to all news feed)

• Cloud mining of Bitcoin in 2020 - how to choose a reliable and profitable service? — 08/14/2020
• Kraken Report: Bitcoin is on the verge of “great adoption”, BTC price will rise by 50-200% - 08/14/2020
• Bitcoin Enters Mega Bullish Phase, Over 93% of BTC Addresses Show Profit - 08/14/2020
• Anatoly Aksakov commented on the adopted law on cryptocurrency in Russia - 08/14/2020
• Platform for centralized management of the cryptocurrency mining process CoinFly - 08/14/2020

Regulation and legislation

How to quickly exchange Bitcoin in the Republic of Kazakhstan?

Some network users earn cryptocurrency, others exchange, and others buy. We can say that cryptocoins are a profitable investment tool. To date, more than 16 million coins have been mined out of a total supply of 21 million. Around 2031, Bitcoin mining will cease.

Just like any digital currency, Bitcoin is stored in an electronic wallet. You can withdraw and exchange it at any time. Is it possible to withdraw Bitcoin to the card of any bank in Kazakhstan? The answer will be yes.

Moreover, owners of digital currency can exchange through almost any payment system:

• Payer;
• WebMoney;
• Qiwi
• Okpay;
• Yandex money;
• Perfect money;
• other.

Users can buy Bitcoin in Almaty on any exchange service. This method is the simplest and most accessible. Exchange offices regularly reduce commissions, attracting new clients. Bitcoin can be withdrawn to a bank card, current account or money transfer system, for example, Zolotaya Korona. There are many banks available to clients to carry out transactions:

• Sberbank of Russia;
• Kaspi bank;
• Kazkom;
• Halyk Bank;
• Bank of Astana;
• Forte Bank.

When asking the question of how to exchange Bitcoin in Kazakhstan , it is unlikely that the owner of digital coins will have a problem with completing a financial transaction. In addition to exchanging Bitcoin for rubles or tenge, you can perform a conversion operation with almost any currency, for example, Litecoin, Ethereum or Dashcoin.

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Cryptocurrency rate to Kazakhstan tenge

Current rates of cryptocurrencies to the Kazakhstani tenge - monitor fluctuations online. Information comes from the largest exchanges and is processed in real time. You can see exchange rate changes for most of the most popular fiat currencies. Online charts, automatic converter and news will allow you to quickly navigate the current market trends in the relationship between the Kazakhstani tenge and cryptocurrencies.

It is always worth remembering that the cryptocurrency exchange rate is quite volatile. It can either grow by several percent in a couple of minutes or fall. This volatility attracts most investors, who constantly monitor the price of cryptocurrency in order to buy at the lowest price, and then wait for growth to sell at the highest. You can buy cryptocurrency quickly and at a favorable rate in the Matbi online exchanger. The service has been operating for more than five years and can offer users not only the exchange of cryptocurrencies, but also their reliable storage. Matbi's built-in crypto wallet supports four leading cryptocurrencies: Bitcoin, Litecoin, Dash and Zcash. A high level of protection for users’ crypto assets is provided by “cold” wallets, as well as three-factor authentication when entering your personal account (PIN code, email code and SMS code, which can be replaced with Google Authenticator). The service is also interesting to users, as it includes a multi-level affiliate program. 24-hour technical support promptly answers all user questions. How to become the owner of cryptocurrency in Matbi is discussed in detail in this video.

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How is Bitcoin and other currencies exchanged in Kazakhstan?

Buying or selling digital currency occurs according to the standard scheme. You must select an exchange office, then indicate the currencies that need to be exchanged, as well as payment details. Most exchange services operate around the clock. On average, it takes about 20 minutes to process an application. After the exchange, the user can view the status of the application on the Bitcoin block explorer.

Some services require registration; on others, conversion operations can be carried out without creating an account. When performing exchange operations, you must take into account that sell Bitcoin in Almaty at different prices. Each exchanger offers its own price and reserve. These nuances also need to be paid attention to.

When choosing an exchange office, you need to take into account the operating mode and type of payment processing.

A number of services operate automatically, others offer processing of applications by an operator. sell or buy Bitcoin for tenge on almost any service. At the same time, an important criterion is reviews of the exchange service.

Purchasing or selling cryptocurrency is possible through exchange markets. Professional market players are well aware of such exchanges as Kraken or Bittrex. But their use is aimed at experts.

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How can I exchange Bitcoin in Kazakhstan? Search for an exchange office

To gain access to organized data, there are special services - monitoring exchange offices.

On such sites, information is presented in the form of tables with available cryptocurrency exchange points and methods for withdrawing them through any payment systems. On such portals, users will be able to view cash reserves, reviews, exchange rates and other important details. Portals for monitoring exchange offices allow you to quickly find the necessary service with the most favorable rate.

Therefore, before buying Bitcoin in Kazakhstan , it is recommended to visit the exchanger monitoring portal.

How Kazakhstanis speculate on cryptocurrencies

While the National Bank is looking for a way to legalize cryptocurrency, residents of Kazakhstan are actively speculating on Bitcoin and Ethereum.

The Astana International Financial Center (AIFC) has created a working group for the development of cryptocurrency in Kazakhstan. Perhaps, based on the results of its work, the AIFC will decide to issue its own electronic money? At least, the National Bank has already recognized cryptocurrency as a promising project. And he even agreed to develop a cryptocurrency system at the state level. Thus, Kazakhstan may become the second country in the world after Japan that will regulate the digital money market.

It came to the exchangers

It’s worth regulating, since thousands of our fellow citizens are already actively using them. Fortunately, the infrastructure has been created for this. According to the online exchanger BTC-KZ, up to 5 thousand clients per month pass through its system alone. In September, with the start of the business season, an even greater influx of buyers is expected here.

– I work in Kazakhstan, Russia and Ukraine. 80 percent of my clients are from these countries. But you can say that in general I work all over the world. For now only with Bitcoin. But users insist, so I will work with other cryptocurrencies. the owner of the exchange office Ruslan told CARAVAN . – But so far the volume of trade is not very large. The daily turnover can be 0.7–0.8 bitcoins. The currency itself is expensive - more than $2,500 per coin.

Help from “CARAVANA”

At its core, cryptocurrency is the cost of computer power. To access free capacity, pools of several computers are created that can process useful data. This creates a distributed information network that can perform the work of a supercomputer.

For example, when “mining” Ripple, the client’s computer is involved in the processing of data in the field of medicine and science. The company pays participants a remuneration for using the capacity. Not all countries can afford a supercomputer. And those who have it regularly measure themselves to see who has more. Therefore, virtual money is a good way to attract free computers to complex work.

Consequently, the best provision for the Kazakh cryptocurrency is the need for computer time for the domestic economy. Then “Kazakh bitcoin” will be valuable and expensive.

The online exchanger works quite legally. Registered as an individual entrepreneur. The official type of activity is retail trade of goods via the Internet.

- Everything is legal, I pay taxes. I even have a paper from the National Bank, which says that cryptocurrency is not a means of payment, so my work does not relate to the operation of payment systems. According to the legislation of Kazakhstan, this money is not subject to reporting. That's why I don't report to him. If the National Bank recognizes cryptocurrency as a means of payment, then I will have to take out a license for financial activities. I think virtual cash will be accepted in Kazakhstan in the near future. The President recently ordered the development of this area, to ensure that it does not fall in price...

A Kostanay entrepreneur named Dmitry has already earned his first million from speculation with cryptocurrency.

– There is already a group of people in Kazakhstan who are actively promoting the idea of ​​investing in e-money. Together with them, I began to study what it is. I read, watched training videos, analyzed the data. First I paid attention to Ethereum and Bitcoin. This is the strongest e-money so far. In December, Ethereum was worth $7.8. There was a forecast that in the first half of the year it would rise to $21. We started looking for a way to buy. Found.

We bought 20 “ethers” for 8 dollars. After 1.5 months the rate reached $50. Locked in profit. And then I regretted it: the rate reached 300! I bit my elbows with frustration, but for me this was my first experience with cryptocurrency.

– Then I entered the cryptocurrency exchanges. Passed verification. I started following Ripple,” continues Dmitry. - Then it cost 5 cents. I bought it for 2 thousand dollars. Profit was fixed at 30 cents. That is, I received 500 percent of the income! The third experience was on the Ethereum Classic currency. I studied analytics again and saw good signals at a rate of $9. I decided to take it. I bought it for a million tenge at once! In the morning I boarded a plane and flew to Astana, opened my laptop right at the airport, and there was news: the deposit had doubled - the rate was already 18. I decided not to take risks and immediately sold everything. It turned out that I made a million in half a day...

China rules

Cryptocurrency is interesting from two sides. First of all, it opens up good opportunities for speculation in the financial market for many who have some spare money, but no other ways to invest in the business. Moreover, to begin with, by the standards of investors, you need very little - 50-100 thousand tenge.

Judging by the data of the National Bank, there are such people in the country. As of May 2020, the population had 7.6 trillion tenge in banks . Of these, 6.9 trillion are in time deposits. This is free money that could become investment capital. But in the current situation, they lie as a dead weight: 4 trillion brings an income of 1.5–2 percent, converted into dollars and euros.

On the other hand, cryptocurrency is simply a smart way to legally withdraw money abroad or from the control of tax collectors: physically, this money does not exist. They exist only in the form of an electronic record.

So far, only one country in the world recognizes bitcoins as money, but they actually circulate, bring income to their owners and can be cashed in any country. Government agencies do not have access to records on the platform, so it is almost impossible to understand how much money a particular person has and what he does with it.

– Bitcoins became popular thanks to China. Thousands of Chinese have earned money, but they need to take it abroad. How to do this legally and without anyone knowing about it? Please, there are bitcoins,” Kazkom Securities analyst Aivar BAIKENOV . – Their main feature is that it is almost impossible to track money when exported abroad . The National Bank also speaks about this. It refers to security, anonymity and secure transactions. To what extent this is true, I cannot say, since this is a task for a programmer.

There are other questions to which there are no answers. The “beauty” is that while regular currency is issued by a specific bank, cryptocurrency does not have such an issuer . It is impossible to go to a specific person and present a claim to him. Everything is run by a community of programmers. In essence, this is an anarchic version of challenging the system.

The mechanism for determining the value of money is unclear. The supply is supposedly limited. Money can be obtained by mining using electronic farms. But the founder of the system prescribed the condition that the number of blocks is limited to 21 million. There can't be more money. This increases the demand for cryptocurrency and raises its price, like any limited commodity.

On the other hand, each block record requires more and more resources, so the cost of “mining” bitcoins also increases. If previously you could mine (extract) on your laptop, now this requires a special “farm”. By the way, the basis of such a “farm” is video cards as a cheap option for computer power. The demand for video cards is so great that this is reflected in their prices in retail stores.

The Bitcoin mass growth cycle is four years. According to the author’s idea, during this period it is possible to “get” half of the remaining mass of coins. This is implemented through a halving of the reward for mining the next 210 thousand blocks.

At the same time, an increase in the used power increases the reliability of the system. After all, the legality of the transaction is confirmed by all previous records. And if most of the system does not confirm the correctness of the entry, then the payment will not go through. This leads to the opposite conclusion: in order to sell one bitcoin to two people, you need to control more than 50 percent of the computing power of the site. This is no longer realistic. It turns out that the popularity of cryptocurrency is its main protection. And as the number of users grows, its protection will only grow.