Kazakhstan in talks on 300b tenge in cryptocurrency mining projects
[ALMATY] Kazakhstan is in talks to attract investments worth 300 billion tenge (S$974.2 million) into the cryptocurrency sector, Digital Development Minister Bagdat Mussin said on Wednesday.
Kazakhstan claims to account for 6 per cent of global cryptocurrency mining.
The country passed legal amendments in June clarifying the regulation and taxation of cryptocurrency mining that it hopes will boost its oil-dominated economy, which can offer relatively cheap electric power for the energy-hungry business.
Thirteen "mining farms" are already operating in the Central Asian nation and four are under construction, Mr Mussin told a government meeting.
"More than 80 billion tenge has been invested in the sector," he said.
"Today we have preliminary agreements on attracting investments worth 300 billion tenge."
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Kazakh laws allow the mining of asset-backed cryptocurrencies and prohibit work with unsecured ones such as Bitcoin.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Weak yen pressures Bank of Japan’s interest rate decision
Basel Committee adds climate risks to banking supervision standards
Crypto firm sues SEC to fend off oversight of Ethereum
Great Eastern chairman appeals for patience as shareholders fume over share price ‘disaster’
S&P Global first-quarter profit beats estimates on strong product demand
Thai banks cut rate for some borrowers after push from PM