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Bitcoin is no way to avoid losses amid devaluation in Kazakhstan

21 february 2014, 17:48
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©Reuters
©Reuters
Bitcoin is not a good way to save money for Kazakhstanis frantically trying to hedge themselves amid the 20% tenge devaluation, Tengrinews reports citing the Vice-Minister of Finance Ruslan Dalenov.

Ruslan Dalenov gave his opinion on possible ways to save assets amid the dollar exchange rate against tenge that spiked on February 11: he believes that purchasing stock of Kazakhstan-based companies is the best and safest way.

The Vice-Minister says that Bitcoin is not safe because its price perspectives are unclear, pointing out that although central banks cannot influence the change rate of the crypto-currency, it is still vulnerable to hackers attacks.

Besides, the attitude of Kazakhstan's central bank to the Internet-based currency has not been clearly spelled out yet. There is a possibility that the bank will recognize Bitcoin as a financial pyramid, the National Bank's Governor Kairat Kelimbetov said. The decision will be made this year. A special committee has been formed in the Ministry of Finance to study the Bitcoin issue.

Besides, the Ministry of Finance of Kazakhstan officially views the Bitcoin as a threat to Kazakhstan banks, according to Dalenov. He points out that if large corporations transit from traditional banks to the internet currency, then the Bitcoin will kick the banks out of business.


Reporting by Alisher Akhmetov

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