Kazakhstan To Forbid Mining and Trading Cryptocurrency to Tenge

Published on 02 Apr. 2018
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The head of the National Bank of Kazakhstan Daniyar Akishev stated that the Bank is intended to forbid buying and selling cryptocurrency for Kazakh national currency tenge. Cryptocurrency activity in general and any mining will fall under the prohibition as well. The news has been published by Ria News.

In Kazakhstan, the National Bank is very conservative about this question; only relatively strict regulations are welcome. Meaning that we want to ban buying and selling of cryptocurrency for the national currency, and we want to forbid the exchanges in this segment and all kinds of mining,

- he said.

The head of NB told journalists that he considered the lack of protection of consumer rights as the most significant problem of the cryptocurrencies. Not the last place take risks connected to the national market. In his opinion, if one limits the risks via the national currency, one can partially control transborder market despite the fact that full functional administration of this market is impossible or undeveloped.

Daniyar Akishev used the opportunity to voice the usual phrase about illegal actions connected with cryptocurrencies:

Cryptocurrencies are an ideal instrument for money laundering and tax avoidance.

According to the head of National Bank, they are working on the corresponding changes to the legislation that will show more tough position, supported by the majority of the country’s state bodies.

Our previous publications about Kazakhstan mentioned that the deputies of Majilis had required from National Bank to develop the regulation of cryptocurrency selling. At the same time, in August this year, the Ministry of Finance plans to introduce the technology of distributed ledger – the prototype of the informational system that will solve the problems of VAT administration. And last year, Kazakhstan mentioned the plans for launching its national cryptocurrency.


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