Daniyar Akishev: Сryptocurrency has no value

"Cryptocurrency has no value. It has no real cost and no obligations of any persons. It is impossible to fully and effectively regulate cryptocurrency market because it has transborder nature. One may work being in Kazahkhstan but all transactions occur abroad and there is no chance to control it from the national regulator side. They exist outside the jurisdictions of countries," Daniyar Akishev said.

He recommended Kazakhstan's citizens not to invest into crytocurrency due to the high risk of losing the invested money.

"There is no guarantee that you can save the invested money. We hope for consciousness of people and their ability to give an adequate assessment. It is obvious that the rush associated with cryptocurrency and changes in its costs allowed many people to consider it as an investment tool and way to create wealth," he said. 

According to Daniyar Akishev, the situation in this sphere compels to toughen requirements to using cryptocurrency in the country.

"We are certain that we should introduce legislative restrictions on conducting cryptocurrency transactions in tenge, denomination of goods price in cryptocurrency, acceptance of cryptocurrency as means of payment, and exclude using the financial system to service  cryptocurrency transaction. The Government supported these proposals. At present the relevant draft laws are being prepared," Daniyar Akishev said.