Kazakhstan to Ban Trading Bitcoin as Well as Other Cryptocurrencies

Apr 03, 2018 at 15:59 // News
Author
Coin Idol
Kazakhstan to ban trading bitcoin

The National Bank of Kazakhstan has prepared amendments to the legislation aimed at tightening regulation of bitcoin and altcoins in the country. In particular, the institution intends to prohibit the purchase and sale of virtual coins for fiat currency on cryptocurrency exchanges, as well as any kind of mining.

"The National Bank is very conservative about this issue, welcoming only rather rigid restrictions. That means, we want to prohibit the purchase and sale of cryptocurrency for the national currency, we want to prohibit the activity of exchanges on this segment and any kinds of mining," Daniyar Akishev, the head of the National Bank told Sputnik on Friday.

He explained that such a position from the regulator is connected with the need to protect the rights of digital currency owners:

"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."

Besides, Akishev emphasized that the tough position of the National Bank regarding crypto coins is supported by the majority of state bodies of Kazakhstan, as trading coins are "an ideal tool for money laundering and tax evasion".