Kazakhstan’s Central Bank Bans the Use of Cryptocurrencies

National Bank of Kazakhstan plans to ban every digital currency operation in the country.

Another country is planning to ban the use of cryptocurrencies in its province. In recent times, National Bank of Kazakhstan has introduced a Blockchain-based mobile securities trading application for the users to become more attentive in the capital markets.

Unfortunately, the same country is ruling out the use of cryptocurrencies by focusing on the security of the users. Therefore, Kazakhstan is also following the trend of South Korea and China. Hence, there are many nations apart from China and South Korea has taken significant steps towards banning them.

On Friday, Chairman of Kazakhstan’s National Bank Daniyar Akishew told Sputnik

“In Kazakhstan, the National Bank is taking a 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.”

The ban on all crypto exchanges is for the public safety from converting the nation’s fiat currency into any form of cryptocurrency.

The chairman believes that the cryptocurrencies lead to many problems.

Further, he stated that,

“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.”

Akishev highlighted one major risk that the people can use cryptocurrencies as an ideal instrument for money laundering, tax evasion, and other illegal activities.

Regardless of chairman’s statement, there is no further steps arise in curbing the use of cryptocurrencies in the country.

A number of countries are banning cryptocurrencies. This can affect all cryptocurrencies, not only Bitcoin, Ethereum, Ripple.

Last year, the countries like Vietnam, Bolivia, Ecuador, Kyrgyzstan and many more prohibited the use of cryptocurrencies.

What will be the impact the countries sustained to impose a ban on cryptocurrencies? Lets us know on Twitter and Telegram

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David

David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.

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