Bitcoin Forum

National Bank of Kazakhstan Proposes to Restrict the Exchange and Mining of Cryptocurrencies

The central bank of Kazakhstan has submitted proposals to its government to restrict some cryptocurrency-related activities. However, the bank’s chairman admitted that he does not fully understand what cryptocurrency is. Experts also weighed in on the reality of banning crypto mining in the country.


The National Bank of Kazakhstan has proposed restricting some activities relating to cryptocurrency in the country, Ria Novosti reported. The central bank’s chairman, Daniyar Akishev, said at a press conference in Astana on Wednesday that this is “to protect the public from speculative risks,” the publication conveyed.

“The high volatility of the prices of the cryptocurrencies in the short term gives the owner the opportunity to make money on speculative transactions,” Akishev was quoted saying. “But in the future [it] may lead to significant damage from the loss of funds by citizens.” He revealed:

        
https://news.bitcoin.com/national-bank-of-kazakhstan-restrict-exchange-mining-cryptocurrencies/

This is not a suprising news that other countries are restricting trading or any activities regarding cryptocurrencies. This is because they already saw other governments doing it like China. I think it can affect the demand but just like what happened after the regulation of the Chinese government was released, Bitcoin was still able to survive and did not have a significant drop of price. And with China having a big community of cryptocurrency, investors, then it will be just also easy to take for Bitcoin to have a smaller country out of it's market.

Head of Kazakhstan national bank does not fully understand what the cryptocurrencies is, but he wants to restrict is. He said people can make money on speculative transactions. That is bad things on his opinion. But this speculation exists all the time, hundreds of years by bankers and merchants, rich people can do this, and ordinary people cannot?

At first, I thought this seemed a bit out of sync with last week's announcement from Kazakhstan's Astana International Financial Center (AIFC) that it was going to launch a national crypto with a Maltese company, under purvey of instructions by the head of state to be " a leading expert center in the development of new financial technologies".

And then, I understood that I read the news from Bitcoin.com, which is probably one of the experts linked to AIFC, probably Roger Ver behind the scenes. They're a group that's looking to create a whole new trough of national and regional cryptos... because, why not?

Good on the central bank ;)

What can the Chairman of the Central Bank of Kazakhstan, who does not quite understand what is crypto-currency, offer, than to immediately prohibit the exchange of crypto-currency in the country? He is afraid and worried about the profits of banks, which will definitely decrease if the currency will go to Kazakhstan, but as always he presents it in connection with the care of his citizens. If the proposal of the Central Bank is adopted by the government, this will testify to the authoritarianism of the ruling regime and the lack of freedom of citizens in this country.

Being a Kazakhtani citizen I think mining may be restricted for several years untill some law regulating cryptocurrencies and blockchain will be issued and take force, and then probaly mining will be made licensed kind of activity  )) and that license will be hard to get I guess. That's how usually things are done here in Kazakhstan with tasties :'(.