Kazakhstan Central Bank is planning to ban cryptocurrencies

Banning cryptocurrency

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The National Bank of Kazakhstan is planning to ban digital currencies trading and even mining according to the Bank’s chairman. Mr. Daniyah Akishev speaking to Sputnik News stated that the bank was looking at a considerate approach towards digital currencies including some extremely tough restrictions. The chairman went on t tell the Russian news site that he intended to do away with all cryptocurrency exchanges in order to prevent its nationals from converting the country’s fiat money into digital currencies.

More to banning the trading Akishev also indicated that he also wants to ban crypto mining within Kazakhstan borders. According to him:

“We always minimize any risk related to the national market and it’s evident that no central bank has the instruments to control the crypto market in the cross-border market. For that reason at least we must prevent the risk through the national currency.”

The central bank with other government agencies believes that cryptocurrencies are not genuine and can be used as a method to evade taxes and also for money laundering. Although the talk by the chairman Kazakhstan does not seem to have any bills or laws which are aimed at stopping the use or trading of digital currencies in the country.

This statement has come during a period when banks are fighting digital currencies through the exchanges. Many banks have been blocking exchanges from conducting their businesses. A good example is the Bank of Montreal which has stopped its customers from buying Bitcoin. More to that the bank has also blocked exchanges from transferring crypto funds. More to that several big banks in the United States also stopped its customers from using credit cards to buy Bitcoin.

The war against digital currencies may not end soon as many countries will work hard to either protect their fiat currencies or even come up with their own digital currencies as Venezuela has already done by the Launch of its national digital currency Petro.

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