The head of the National Bank of Kazakhstan suddenly sharply criticized cryptocurrency, claiming that the regulator prepared amendments to ban mining and cryptocurrency turnover.

Daniyar Akishev, the head of the National Bank of Kazakhstan, announced regulator's intention to prohibit the purchase and sale of cryptocurrencies for tenge, trading platforms, and cryptocurrency mining.

“The approach of the National Bank of Kazakhstan to this issue is very conservative. I welcome stringent restrictions, that is, we want to prohibit purchase and sale of the national currency for cryptocurrency, we want to prohibit exchanges in this segment and any kinds of mining,” Akishev said.

According to him, cryptocurrencies bear a lot of problems, the main of which is the protection of consumers' rights of these services.

“We minimize the risks associated with the national market, but for sure, there is no central bank that has full functionality to administer this market, so at the very least, we must stop this risk through controlling the national currency,” he said.

Another big risk, according to Akishev, is the possibility of cryptocurrency to be used in illegal activities.

“Cryptocurrency is an ideal tool for money laundering and for avoiding taxation,” Akishev believes.

According to him, the tough position of the Central Bank towards cryptocurrencies is supported by the majority of state bodies of Kazakhstan.

“We have prepared amendments to the legislation that should lead to this tightening,” he added.