Vice-Minister of Finance of Kazakhstan: Bitcoin Threatens Our Financial Stability
The vice-minister of finance of Kazakhstan isn't too fond of bitcoin. The official, Ruslan Dalenov, offered a statement to a publication that sounded more like an advertisement than it did a warning: "People transfer this digital money to each other by just clicking a button - without having to use any bank services or pay remunerations for the transactions. The transfers are instant and almost completely free of charge. Imagine large corporations switching to cheap digital transactions, this would leave the bankers seeking another job. Dalenov thinks the widespread use of bitcoin could....
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Kazakhstan’s Vice Minister of Finance, Ruslan Dalenov, told local news agency Tengrinews that Bitcoin could undermine his country’s position in the global financial system. “People transfer this digital money to each other by just clicking a button, without having to use any bank services or pay remunerations for the transactions,” Dalenov said. “Imagine large corporations switching to cheap digital transactions; this would leave the bankers seeking another job.” While the vice minister did accurately illustrate one disruptive innovation Bitcoin could provide, it was not clear from the....
Kazakhstan's Central Bank Governor, Kairat Kelimbetov, has indicated in public comments that the National Bank of Kazakhstan could move to classify bitcoin as a ponzi scheme this year. The remarks were issued on 4th February at a press conference, according to Tengrinews.kz, an English-language news site based in Kazakhstan. There, Kelimbetov suggested that the Finance Ministry of Kazakhstan is studying bitcoin, but has yet to determine a formal stance on the virtual currency. "The issue is rather complicated. Some claim the currency is a good tool of money laundering and an absolute evil.....
According to the country's vice minister of energy, addressing the potential strain on Kazakhstan’s power grid from crypto miners “cannot be delayed any longer." Now responsible for the second-largest contribution to the Bitcoin hash rate, Kazakhstan’s energy grid may be unprepared to handle the addition of many cryptocurrency miners from China and others looking to capitalize on low-cost electricity.In a Wednesday report from Reuters, government officials in Kazakhstan estimate that unregistered crypto miners in the country could be consuming twice as much power as those registered to....
It wouldn't be an ordinary day without another world government coming out against digital currency bitcoin. This time around it's the Central Bank of Kazakhstan, with its governor making some interesting comments. Kairat Kelimbetov, the bank's governor, said that bitcoin may be deemed as a ponzi scheme by the central bank at a press conference Tuesday in Almaty. "The issue is rather complicated. Some claim the currency is a good tool of money laundering and an absolute evil. That's why some monetary authorities, like those in China, have banned Bitcoin," said Kelimbetov, incorrectly....
Two Austrian cabinet ministers have given guidance on bitcoin's status as a financial instrument and tax treatment by answering parliamentary questions submitted by a member of the legislature. Perhaps most notably, the federal minister for finance and vice chancellor, Michael Spindelegger, reiterated that bitcoin is not a financial instrument (that is, a tradable asset), echoing the position of the country's markets regulator, the Financial Market Authority. The finance minister also gave guidance on how capital gains taxes from bitcoin investments would be applied. Individuals who sell....