The National Bank of Kazakhstan has decided to take a firm stance against cryptocurrency, citing an interest in protecting Kazakhstan citizens’ interests.
The moves were out despite the country’s endemic corruption, sham elections, and human rights abuses.
In an interview with Sputnik, National Bank of Kazakhstan Chairman Daniyar Akishey said his bank aims to prohibit the exchange of the country’s national currency, the tenge, to and from digital currencies. Additionally, it also aims to prohibit the mining of cryptocurrencies in the country.
“In Kazakhstan, the National Bank is taking very conservative approach toward the matter, and it welcomes nothing but extremely tough restrictions. Therefore, we want to ban the exchange of digital currencies for the national currency. We want to prohibit the stock exchange’s activities in this area, as well as every type of mining.” Akishey said.
Akishey spins the bank’s stance to make it seem as though it aims to protect Kazakhstan citizens’ interests — claiming cryptocurrency is dangerous to their users.
“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.,” he also noted.
However, it’s safe to assume the real reason the National Bank of Kazakhstan is calling for the complete ban on cryptocurrency is that it feels threatened by technology which aims to undermine it. As such, Akishey has unsurprisingly played the classic ‘it’s only used by criminals’ card.
“The digital currencies are an ideal instrument for money laundering and tax evasion,” he added.
He said the Kazakhstan bank’s firm position against cryptocurrencies is favored by the vast majority of Kazakhstan’s governing bodies.
The news that Kazakhstan’s National Bank doesn’t like cryptocurrency comes as no surprise as the country is notoriously corrupt.