Report: Kazakhstan's Central Bank Wants to Ban Cryptocurrencies

The National Bank of Kazakhstan wants to ban cryptocurrency trading and mining in the European nation, its chairman said.

Speaking to Sputnik News, Daniyar Akishev said the central bank is “taking [a] very conservative approach” towards cryptocurrencies, looking for “extremely tough restrictions.”

To that end, he told the Russian government news site, he wants to ban all crypto exchanges and prevent residents from converting the nation’s fiat currency into any form of cryptocurrency.

In addition, he said he wants to ban cryptocurrency mining within Kazakhstan’s borders, telling Sputnik:

“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.”

The bank – and other government agencies – believe that cryptocurrencies are “an ideal instrument for money laundering and tax evasion,” he said.

Despite the chairman’s words, it does not appear that there are any regulations, laws or bills aimed at curbing the use of cryptocurrencies in Kazakhstan at present.

Kazakhstan flag image via Shutterstock