Kazakhstan is turning to cryptocurrency in a bid to attract international investments of up to $738 million within the next three years.
On Tuesday, June 16, The Astana Times reported Kazakhstan’s plans of creating a $738 million investment through cryptocurrency within the next three years. The revelation was made to the upper house of Kazakhstan’s Parliament, by Askar Zhumagaliyev, the Kazakh Minister of Digital Development, Innovation, and Aerospace Industry.
Although most developing countries are sceptical of using crypto to generate national revenues, the transcontinental country is determined to follow the footsteps of developed countries such as the US, Sweden, and South Korea.
Zhumagaliyev further revealed to the Senate that the government already has “14 such digital farms in Kazakhstan and they are built near energy sources that can connect to them. They have already brought 82 billion tenge (US$201.7 million) of investments in the country.”
Currently, the discussed bill prohibits the issuance and circulation of certain unsecured digital assets. However, it is legal to mine cryptocurrencies.
In December 2019, Kursiv revealed that Kazakh lawmakers consider crypto mining as a technological advancement activity rather than an entrepreneurial activity. As a result, cryptocurrencies and other digital assets will not be taxed.
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