In brief:
According to reports, Kazakhstan is considering a ban on all cryptocurrencies trading and crypto-mining in order to protect country’s national currency, “tenge”.

Kazakhstan’s local news outlet Sputnik on March 30th, reported that the country is considering an immediate ban on all cryptocurrencies trading and crypto-mining to protect the country’s national currency called the “tenge“.

In an interview with Ria Novosti, the chairman of the National Bank of Kazakhstan Daniyar Akishev, stated that “Kazakhstan intends to prohibit the purchase and sale of cryptocurrencies and any kind of mining of cryptocurrencies”.

According to the central banker, Kazakhstan’s National Bank is very conservative about cryptocurrency issue and will impose strict regulations. He believes that cryptocurrencies are used for fraudulent activities, money-laundering, and tax evasion because of lack of regulation. Further, he told that majority of governmental organizations in Kazakhstan are in support of taking stringent actions against virtual currencies.

“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,” added Daniyar Akishev.

However, the attitude of Kazakhstan towards cryptocurrencies was somewhat gentle last year as there was news that government-supported Astana International Finance Center (AIFC) was working on creating its own cryptocurrency, the CryptoTenge. Further, theBlockchain and Cryptocurrency Association of Kazakhstan in November sought government approval to initiate official activities. Meanwhile, interest in cryptocurrency in the country is going up as a study by search engine Yandex shows that as compared to 2017, Kazakhstanis are searching cryptocurrency-related terms at higher rates this year.

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