Report: The Central Bank of Kazakhstan Wants to Ban Cryptocurrency


MOSCOW (Sputnik) – The central bank of Kazakhstan wants to ban cryptocurrencies mining and trading in the European nation.

According to the Bank’s chairman. Mr. Daniyah Akishev (Chairman of Kazakhstan’s National Bank) told SputnikNews on Friday.

–“In Kazakhstan, the National Bank is taking very conservative approach toward the matter, and it welcomes nothing but extremely tough restrictions. Therefore, we want to ban the exchange of digital currencies for the national currency.
We want to prohibit the stock exchange’s activities in this area, as well as every type of mining,” he said.

He told the Sputink News (Russian government news site), We want to ban all cryptocurrency exchanges. In addition, he said: We want
to ban crypto mining within Kazakhstan’s borders, telling the Russian government news site:

–“We minimize the risks related to the national market. However, no central bank has all the instruments to control this market in the cross-border market.
Therefore, at least, we must prevent this risk via the national currency.”

He noted that one of the major risks was the use of crypto to commit illegal acts.

According to him, cryptocurrencies are an ideal instrument for tax evasion and money laundering.

Digitalcurrencies have no material form, and global currency regulations don’t currently apply to them.
An unbounded number of anonymous sources can issue and use them.

Despite the president’s words, it does not appear that there are any laws or regulations
aimed at curbing the use of cryptocurrency in Kazakhstan at present.

This announcement has come during a period when banks are fighting cryptocurrencies through the exchanges.
Many central banks have been blocking crypto exchanges from conducting their businesses
(a good example is the central bank of Montreal which has stopped its customers from buying BTC). More to that many big banks in the USA also stopped its customers from using credit cards to buy BTC (bitcoin).

The war against Cryptocurrencies may not end soon as many countries will work hard to either protect their national currencies or even come up with their own cryptocurrencies as The Republic of Venezuela has already done by the Launch of its national cryptocurrency called ThePetro.

Owner, Editor, and lead writer for Bit-sites. Cryptocurrency writer and trader since late 2015.

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