The Kazakhstan National bank hinted at a complete crypto ban as chairman Daniyar Akishev told Russian media about the dangers and future restrictions that may be placed on crypto use in the country.
The chairman released the following as part of a statement to Sputnik News, where he discussed the potential future of cryptocurrencies like bitcoin in Kazakhstan. The future the chairman has envisioned for crypto is much harsher than what is currently implemented in a number of counties.
While some countries have considered placing a blanked ban on crypto, Kazakhstan may see all crypto banned entirely. This includes all activities associated with the technology even mining, trading and using coins for transaction purposes.
“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.”
Daniyar Akishev – Chairman of the National Bank of Kazakhstan
Furthermore the chairman elaborated on the reasons behind the harsh reception of bitcoin and such technology. He attributed the need for a ban due to the exploitability of bitcoin in money laundering schemes. Due to the anonymous nature of bitcoin, it has seen its use in this sector thrive as we reported hackers of the Coincheck exchange also used bitcoin as a intermediate medium to launder their stolen NEM tokens.
To conclude, the national bank of Kazakhstan has made no official announcements despite Daniyar Akishev’s public comments. The stance of the country follows many others including Nigeria which are weary of cryptocurrency adoption. Not only has it been identified as a threat to traditional banking systems, the common misconception of the technology being used for money laundering and terrorism funding purposes is still held by many who are uneducated about the new financial purposes of such tech.