Kazakhstan in talks on 300b tenge in cryptocurrency mining projects
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[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."
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Kazakh laws allow the mining of asset-backed cryptocurrencies and prohibit work with unsecured ones such as Bitcoin.
REUTERS
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