Kazakh deputies worried as citizens sell properties to buy crypto currencies - News | BNews

Kazakh deputies worried as citizens sell properties to buy crypto currencies

06 February, 10:44 299
Kazakh deputies worried as citizens sell properties to buy crypto currencies

The National Bank declares that it has been developing the measures to regulate transactions with crypto-currencies.

The deputies of the Majilis of Parliament of Kazakhstan are worry of consequences because of the absence of regulation of operations with crypto currencies in Kazakhstan.  

"The National bank, as a prospect, keeps track of what is happening with the crypto currency. The fact that private funds leave for acquiring individuals through virtual space? There are no residents in Kazakhstan. People sell houses, apartments, property and buy crypto currencies. Interestingly, do you consider or not the crypto currency as a process that requires regulation?” deputy of the Majilis of Parliament, deputy chairman of the National Bank of Kazakhstan Irina Unzhakova said at the presentation of the draft law "On Currency Regulation and Currency Control".

Oleg Smolyakov noted the ambiguous international practice in connection to operations with crypto currencies.

"Someone is more active in stimulating operations, somebody prohibits, in principle, such operations. It is obvious that the crypto currency is not a currency value, because it is a financial product, a technology, that is, it is not a means of valuation and not a means of payment. Now we are studying the issue of how to regulate it. It has the right to exist as a financial product, but not as a surrogate of money. This is the balance that we estimate," Oleg Smolyakov said.

The speaker underlined that the National bank develops the measures on the regulation of operations with crypto-currencies in Kazakhstan, however, he did not tell about its specifics.

“The National bank will have risks of illegal and suspicious operations and the presence of information on large withdrawals and transfers. The issue of regulating crypto-currencies is quite broad. Right now, we are not ready to say precisely how it will work, but such work is being conducted in the National bank,” Smolyakov said.  

The Majilismen, Gleb Shegelskiy in reply said that the developing process of measures should be stepped up.

"The issue is not broad. The Ministry of Finance has already has mining in front of it. Your function is being taken away, and you say that the issue is broad. When you come with this draft law? Our Prime Minister has already put it on the agenda. Somewhere the crypto currency has already recognized as a real currency... (...) Today, the employees of the Ministry of Finance mined in four regions. It is unknown of what they should be attracted, weather of violation of software or of something else. Who are we deceiving? Actually, the initiative should be from you," the deputy said.

We note that according to the message of the NSC of Kazakhstan, employees of information divisions of the State Revenue Committee of the Ministry of Finance of Kazakhstan did mining at work. The servers of information systems of the departments, their regional units were engaged in mining of crypto currencies, as well as in using the most productive office computers of employees.