Kazakhstan Eyes $738 Million Via Crypto In The Next Three Years

A recent report drafted by Kazakhstan’s government along with international experts suggests that the country expects to incur a whopping $738 million through investments pertaining to cryptocurrencies, over the next three years. 

Kazakhstan Has Eyes On Crypto Mining

People’s perspective on cryptocurrencies has evidently evolved over time. Once considered a currency used for dark web-related activities, cryptocurrencies, especially Bitcoin has been the latest interest of people. Even though the pandemic has left the global economic scene stagnant, Bitcoin has been touted as one of the fastest recovering assets.  The fruits of cryptocurrencies seemed to have lured several countries as well as mainstream companies into the industry. Kazakhstan is the latest country to dive deep into the crypto industry.

While many countries have been showing interest in developing CBDCs, Kazakhstan has taken a huge leap as the government of Kazakhstan recently revealed that it aims to acquire $738 million via activities related to cryptocurrency mining in the next three years.

Kazakhstan’s local news portal, Astana Times reported the same. Askar Zhumagaliyev, the Kazakh Minister of Digital Development Innovation and Aerospace Industry suggested that the country has been formulating plans to attract 300 billion tenge worth of investments specifically through digital mining, before the upper house of the Kazakh Parliament.

Zhumagaliyev pointed out that Kazakhstan has probed the experience of several other countries like Sweden, South Korea as well as the United States and has decided to try its hand at cryptocurrencies. Zhumagaliyev stated,

“We see today that activities such as digital mining and cryptocurrency are part of our everyday lives. I would like to note that there are 14 such digital farms in Kazakhstan and they are built near energy sources that can connect to them. They have already brought 82 billion tenge (US$201.7 million) of investments in the country.”

These digital farms are reportedly situated in the northern area of Kazakhstan. Pavlodar, Uralsk as well as East Kazakhstan also shelters several of these digital farms.

The report has been formulated by the ministry under the expertise of international authorities.

Kazakhstan’s central bank had been previously dubious about the king coin and even considered banning crypto assets. However, the latest news says otherwise as digital mining is not considered an entrepreneurial activity in the country.