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The National Bank of Kazakhstan plans to ban the use, trade and the exploiting cryptocurrency, believing that virtual currencies are an ideal vehicle for fraud, money laundering and tax evasion.
“In Kazakhstan, the National Bank takes a very conservative approach in this area and only approves extremely harsh restrictions,” said Daniyar Akishev, the president of the National Bank of Kazakhstan, Sputnik News.
Akishev continued: “We want to ban the exchange of digital currencies for the national currency.We want to prohibit the activities of the stock market in this area, as well as all types of mining.”
Akishev said the National Bank was considering the ban on protecting its citizens from scams and fraud. “Digital currencies are an ideal instrument for money laundering. 39, money and tax evasion, “he said.
Akishev conceded that regulators can not control whether Kazakhs are trading cryptocurrencies in cross-border transactions, but he may ban crypto mining within the borders of the country of Central Asia.
“We minimize the risks associated with the domestic market, but no central bank has all the instruments to control this market in the cross-border market, so at least we need to prevent this risk by the intermediary of the national currency. “
Kazakhstan’s anti-crypto stance follows a similar pattern on the part of the Russian government. In early March, the Russian Finance Ministry drafted a law that would criminalize the use of digital currencies as substitutes for money, citing the need to protect the Russian ruble.
Russia: Crypto is not a substitute for the ruble
Alexei Moiseev, Russian Deputy Minister of Finance, made the revelation at the Vnesheconombank conference.
Elvira Nabiullina, head of the Bank of Russia, said that the Russian Ministry of Finance opposes the use of cryptocurrencies “as private currency and money substitutes.”
“This is necessary to protect the ruble as the only legal payment [means of] in Russia.There is the ruble, and everything else is a substitute.”
Russian President Vladimir Putin said that the regulation of cryptocurrency will be implemented in July. While he expressed his concerns about cryptocurrencies because they are not supported by a central bank, the Russian government plans to launch its own digital currency called CryptoRuble in order to circumvent the economic sanctions of the states -United.
In October 2017, Putin expressed his skepticism about crypto , claiming that they could be exploited for money laundering and other illegal activities, but he admitted that cryptocurrencies were becoming or have already become a full payment method of investment. ” in other countries.
Many bitcoin evangelists welcome regulatory repression of scams and frauds, saying that they will uproot bad actors and help legitimize the currently unregulated virtual currency ecosystem.
Image from Shutterstock to photo
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