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Kazakhstan Banning Cryptocurrencies And Mining

The government of Kazakhstan is preparing legislation to ban the use, trade, and mining off cryptocurrencies inside their borders. This was said by the president of the Central Bank of the said country, according to a report of the Ria Novosti journal.
Daniyar Akishev said to the journal that the Kazakhstan Central Bank had very conservative views about the cryptocurrency subject, and that they would be taking these kinds of measures due to the risks involved with cryptocurrencies and exchanges alike. The prime risk that he mentioned was that these cryptoassets were used in money laundering schemes and as part of criminal activities in the country.
He mentioned that no central bank has the power to outlaw a multi-border activity as the one discussed; so they will only concentrate on avoiding trades in national currency. He did not mention anything about the legal and registered crypto businesses that operate in the country; but, they will most likely be outlawed and forced to cease operations.
Also, Kazakhstan is home to a thriving mining community, comprised of hobbyists and large operators, that benefit from the cold weather (meaning that cooling solutions are simpler to implement) and cheap electricity costs. This would make them cease their operations or go the underground way. The ban will be applied later this year when all regulation for it will be in place. This resolution is completely opposite of what countries like Malta are doing, issuing light regulations and giving incentives to crypto upstarts to settle in their territory.

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