The National Bank of Kazakhstan is developing its own approaches to regulating crypto-currencies.
The regulator noted that he is still studying international experience in this matter.
"To date, no state has completely decided on the essence of digital currencies and the model for regulating their use, both within the framework of payment relations and in the field of currency control, and influence on the monetary credit policy of the state. In general, these products are not tied to any official monetary unit. A feature of the crypto-currencies currently being distributed is the absence of a corresponding issuer, which has obligations to them before users.
"... users crypto-currency independently bear the risk of legal insecurity of their own operations, the state can not guarantee the real value and safety of citizens' funds on crypto-currencies"
At the same time, representatives of the National Bank specified that within the framework of Kazakhstan legislation, the use of these currencies does not apply to authorized payment methods. Thus, financial organizations have no right to participate in operations with crypto-currencies and to service transactions with their use.
"We repeatedly warned Kazakhstanis, including participants in the financial market regarding the use of crypto-currencies that are not subject to the regulation of Kazakhstan's legislation, as well as participation in campaigns to receive money from the population in high-risk investment programs using crypto-currencies. Thus, users crypto-currency independently bear the risk of legal insecurity of their own operations, the state can not guarantee the real value and safety of citizens' funds on crypto-currencies, "they concluded in the National Bank.
To be honest, the state, including Kazakhstan doesn't have jurisdiction to regulate things that are not created, licensed, or owned by the state. Doing so, would over reach their authority.
What does that mean?
If Kazakhstan were to implement regulations on the way the sun works, or the way people view the sun, they would over reach their authority and jurisdiction too. Keep this in mind....
I have no doubt that some states or jurisdictions will try to regulate sun viewing or the sun operations, but they do so without authority.
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Would wish it were like this. Problem though is that the states decides themselves what they are authorized to put under their jurisdiction. If they believe it´s required to regulate sun viewing they will do it. And for sure they will try to regulate digital currencies (I guess they started already...).
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Unless the government has reservres in bitcoin they would not worry about currency control all thar much. Sorta unreal that a problem like that could go away.
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