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Kazakhstan on track for $700M crypto mining investment goal, says minister

Kazakhstan on track for $700M crypto mining investment goal, says minister

In response to the Digital Growth Minister of Kazakhstan, Bagdat Mussin, the nation is in negotiations concerning investments in its cryptocurrency mining sector amounting to 300 billion tenges ($714 million).

Earlier in June, one other Kazakh minister, whereas arguing in opposition to the ban on cryptocurrencies throughout a parliamentary dialogue, had claimed that the nation might get greater than $700 million funding for its cryptocurrency mining farms over the subsequent three years.

Whereas addressing a authorities assembly, Mussin mentioned that the nation has arrange 13 cryptocurrency mining farms and was engaged on 4 extra to draw extra investments, Reuters reported on Sept. 2.

Testifying to their progress, Mussin mentioned that the already established mining facilities had attracted a complete funding of 80 billion tenges ($190 million). He additional emphasised that they’ve accomplished preliminary agreements on getting one other $714 million to bolster cryptocurrency mining within the nation.

As Cointelegraph reported, Kazakhstan had established cryptocurrency tax rules in 2019 in an try to assist cryptocurrency-related actions. The tax regulation rendered earnings by way of crypto mining tax-free so long as the cash weren’t transformed to fiat cash. 

The legislation additionally outlined that the Kazakh cryptocurrency mining corporations have been liable to taxes much like information facilities in the event that they used their {hardware} to ship cryptocurrency mining companies to others.

Nonetheless, the native legal guidelines solely allow the mining of asset-backed cryptocurrencies whereas prohibiting that of unsecured cryptos resembling Bitcoin (BTC).

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