Kazakhstan will prohibit cryptocurrency trading and mining

Kazakhstan will prohibit cryptocurrency trading and mining

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The National Bank of Kazakhstan has prepared amendments to the legislation aimed at tightening regulation of bitcoin turnover and other cryptocurrencies in the country. In particular, the regulator intends to prohibit the purchase and sale of KZT for tenge, the activity of exchanges in this segment, as well as any kinds of mining. This was in an interview with RIA Novosti, the head of the National Bank, Daniyar Akishev.

“The National Bank is very conservative about this issue, welcoming only rather stringent restrictions. That is, we want to prohibit the purchase and sale of cryptocurrency for the national currency, we want to prohibit the activities of exchanges on this segment and any kinds of mining,”Akishev said.

He explained that such a position of the regulator is connected with the need to protect the rights of owners of cryptocurrencies.

“We minimize the risks associated with the national market, but for sure, not one Central Bank has full functionality to administer this market in a cross-border market, so at least we must stop this risk through the national currency,” he said.

Akishev stressed that the tough position of the Central Bank in respect of cryptocurrencies is supported by the majority of state bodies of Kazakhstan, since cryptocurrencies are “an ideal tool for money laundering and for avoiding taxation”.

Let’s remind that the National Bank of Kazakhstan announced plans to tighten regulation of cryptocurrency in January. Meanwhile, at the end of February, local business representatives said that they would like to discuss with the regulator the prospect of opening the first crypto-exchange in Kazakhstan.

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