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Kazakhstan would reach the $ 700 million investment target for crypto mining, according to the minister

September 2, 2020

According to the Kazakh minister for digital development, Baghdat Mussin, The country is in negotiations to invest in its cryptocurrency mining sector worth 300 billion tenges ($ 714 million).

In early June, another Kazakh minister, who argued against the cryptocurrency ban during a parliamentary discussion, claimed so The country could receive more than $ 700 million in investment for its cryptocurrency mining farms over the next three years.

At a government meeting Mussin said the country has set up thirteen cryptocurrency mining farms and is working on four more to attract more investment, Reuters reported on Sept. 2.

Kazakhstan would reach the $ 700 million investment target for crypto mining, according to the ministerKazakhstan would reach the $ 700 million investment target for crypto mining, according to the minister

Mussin confirmed their progress, saying the established mining centers had attracted a total investment of 80 billion tenges ($ 190 million). Also, He stressed that they had made preliminary deals to raise an additional $ 714 million to boost cryptocurrency mining in the nation.

As Cointelegraph reported, Kazakhstan introduced cryptocurrency tax rules in 2019 to support cryptocurrency-related activities. The tax rule made profits through tax-free mining of cryptocurrencies as long as the coins were not converted into fiat money.

The law also noted that Kazakh cryptocurrency mining companies are subject to taxes similar to data centers when they use their hardware to provide cryptocurrency mining services to others.

However, local laws only allow mining for asset-backed cryptocurrencies and prohibit mining for unsecured cryptocurrencies such as Bitcoin (BTC).

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