Bitcoin Forum

The chairman of the central bank of Kazakhstan said that the bank has prepared legislation to prohibit the sale and purchase of cryptocurrencies in the country as well as any kind of crypto mining, citing several risks he sees.

National Bank’s Crackdown on Crypto

The chairman of the National Bank of Kazakhstan Daniyar Akishev said on Friday that “Kazakhstan intends to prohibit the purchase and sale of cryptocurrencies and any kind of mining of cryptocurrencies” in an interview with Ria Novosti.

The publication quoted the central banker stating:

"In Kazakhstan, the National Bank is very conservative about this issue [cryptocurrency]. I welcome only rather stringent restrictions, that is, we want to prohibit the purchase and sale of the national currency for cryptocurrency. We want to prohibit the activity of exchanges on this segment and any kinds of mining."

Full article: https://news.bitcoin.com/kazakhstan-preparing-prohibit-crypto-trading-mining-central-bank/

I think the tittle be rightfully written in “Central Bank of Kazakhstan”, it looks to me that the government is not the one planning on prohibiting trading and mining. The CEO of national bank can only propose any legislation to the lawmakers and not the other way around. Can we expect a good statements from this bankers, not without biases. Not until the law is passed and signed this is not finalised.

Nazarbayev is a very authoritarian ruler. Therefore, you can rest assured that the bankers voiced Nazarbayev's thoughts in their own words. Most Muslim countries have a negative attitude towards cryptocurrencies. Kazakhstan is not an exception to the rules. Every nation has a ruler that it deserves. Cryptocurrencies give advantage only to free people.

I think that the position of the Central Bank of Kazakhstan was agreed in advance with the President of that country Nazarbayev precisely because there Nazarbayev takes many important issues in the development of the country solely. Therefore, the government in this country can be called authoritarian rather than popular. It is in such countries, as a rule, that the circulation of crypto-currency is prohibited. The people there are afraid to express their opinions, and nobody listens to him. It is very likely that the crypto currency in Kazakhstan will indeed be banned.

I have no idea why their decided not to follow innovations and hide in their shell. Kazakhstan's economy doesn't seem to be strong enough to decline the opportunity to join the cryptomarket and be in the best seat when cryptocurrencies will be widespread.

I am really surprised about this news because not too long ago, Nursultan Nazarbayev, the president of Kazakhstan, proposed global cryptocurrency G-Global (https://themerkle.com/kazakhstan-president-proposes-a-global-cryptocurrency-known-as-g-global/). Not just that, I've read that he is generally pro-crypto.

Exactly. Banks don't care about digitalization and progress of country, they just care about their business and no surprise that they want to ban crypto trading. On the other hand, governments need to care about development and Kazahstan is in favor of crypto. They will never accept such suggestion from the bank. Government writes laws, not banks.
Just watch this video of President: https://www.youtube.com/watch?v=SYqpDBQm8Co&t=1s

When the rest of the world is meeting crypto Kazakhstan is trying to restrict it
I don't understand their motivation and why they don't want to be innovative and stay up-to-date

You are absolutely right. Kazakhstan is a totalitarian state with one ruler for 25 years and the Central Bank give publicity to the position of President Nazarbaev, because it have no right to make any decisions by itself.

In other words, crypto versus crypto trades are technically still allowed. The article itself doesn't contain any information going against that, where even after digging a bit deeper into more sources, nothing is stating otherwise, so I would assume that one isn't breaking the law as long as fiat isn't involved, which is great. This might stimulate people to locally conduct transactions and sales of goods strictly in crypto. It's a given fact that once governments force through these silly measures, the peer to peer market totally explodes, and that will happen again.

On another note; bad news for peope having bought themselves into Ice Rock Mining, since they are located in Kazakhstan. Soon another ponzi scheme is being put into the trash can where it belongs.

Gladly, fixed your comment for you. We aware of the attitude of many countries to crypto to be negative even the power houses like China, US, Russia e.t.c It is not a muslim country thing.

They will rescind their decision in the future when they finally understand the benefits of blockchain and cryptocurrency but by then they will have been left behind.

This is a bad news for people in Kazakhstan if those intentions become law, and unfortunately most likely they will because the ruling elite in Kazakhstan consists of narrow-minded friends and relatives of the authoritarian dictator Nursultan Nazarbayev. I know personally some people from Kazakhstan who are highly educated, trustworthy, innovative and overall very good persons, and I'm sure there are many people like them living in Kazakhstan, but unfortunately they are far from being in the government of this country ruled by people so stupid world constantly makes fun of them. Remember the movie Borat or this pic which went viral with Nicolas Cage and Nazarbayev's wife.
https://i.imgur.com/2O7ooF4.jpg

Hopefully one day the Nazarbayev's government will be overthrown and good people of this great country will start living a better life.

I remember that electricity there is one of the cheapest. They will miss a great opportunity to increase income and receive a great injection of technology fruit of the advances of the greatest revolution of the last times.

Suddenly with the rise of cryptocurrencies, which can reduce individual dependencies on governments and banks, we see Central Banks of countries with poor human rights conditions (https://www.hrw.org/europe/central-asia/kazakhstan) up in arms against Bitcoins and other cryptos and claiming to be protecting consumer rights. This is ridiculous!

The Kazakh people will lose out on a great opportunity because their central bank abruptly decided that they needed to protect "consumer rights".