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Kazakhstan Knows How to Pay For Goods Using Cryptocurrency

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Neither in CIS nor in Russia, cryptocurrency is an official means of payment. Accordingly, transactions in which a legal entity can accept cryptocurrency as means of payment are not regulated by current legislation and can not be controlled by central authorities. But as noted by the Chairman of Blockchain Organization in Kazakhstan, Eset Butin, businessmen can make legal transactions using cryptocurrency, provided that a third party will be involved.

Butin described this mechanism as follows: “An entrepreneur sells TV sets, and the buyer wants to pay for the purchase in Bitcoins. Then the parties find the third person who takes Bitcoins from the buyer, and sends tenge to the seller – in this case the transaction can be considered legal, since the purchase was made for national currency”.

As an intermediary, Yeset Butin suggested to involve individuals and legal entities that show interest in cryptocurrencies. It is also possible to use international exchangers, this operation will neither be a violation of the current legislation.

Such a decision, as the expert says, is quite suitable for small transactions. The Chairman noted that this is how they work in Russia. Also, the head of the association noted that it is impossible to do transactions for large amounts in this way.

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