The Republic of Kazakhstan is a central Asian country with a population of around 18 million people and an area of 2.7 million square kilometers, making it the ninth largest country in the world. Kazakhstan is a dominant economy of central Asia, with the largest GDP and strong rates of growth due to great reserves of oil, minerals and metals. Kazakhstan is also performing well in car manufacturing and agriculture. Kazakhstan is a blockchain-welcoming country. Kazakh authorities were one of the first to announce plans of blockchain adoption in such fields as taxation, customs and cargo tracking. However, the central bank of Kazakhstan is skeptical toward Bitcoin. Even though there are a lot of possible benefits for selling Kazakhstan’s electricity to Bitcoin miners, the central bank of Kazakhstan sees Bitcoin as a money-laundering tool and a way of avoiding tax, so it is currently intending to prohibit the purchase, sell and mining of crypto.
According to Edward Evenson, who works for Bitcoin miners Slush Pool, Chinese BTC mining machines are on the move.
Chinese BTC miners equivalent to Quebec’s output on the move: Slush Pool
Kazakhstani authorities plan to improve their regulatory approach in order to strengthen the country’s position in the global crypto market.
Kazakhstan’s government to create roadmap for developing crypto market
The potential national digital currency in Kazakhstan is not intended to replace either cash or cashless payments, the central bank stressed.
Kazakhstan opens public consultation for central bank digital currency
The Eurasian Economic Union’s member states did not support an initiative to synchronize crypto regulations.
EAEU unlikely to find common ground on crypto regulation, official says
The pandemic-induced crisis is galvanizing new trends across all aspects of the global economy, including digital currencies.
Russia's central bank says the pandemic has accelerated regulators' interest in CBDCs
A Kazakh minister claimed that there are already preliminary agreements on attracting more than $700 investment for cryptocurrency mining.
Kazakhstan on track for $700M crypto mining investment goal, says minister
China is not the only country that wants control of this highly coveted industry.
Geopolitical risks prevail as new players emerge in the crypto mining space