Bitcoin

Kazakhstan intends to 178 million euros, of data to cryptocurrency mining

The government of Kazakhstan, and establishes as a goal for the next three years, the 660 million from investors for the mining of a cryptocurrency s. This is evident from an article in the Astana Times on the 16th of June. Askar Zhumagaliyev, Kazakh minister for Digital Development, in Innovation and in Aviation, this would be a plan and present it to the Kazachstaanse the european parliament.

Following In the footsteps of the United States of america and South Korea

In a parliamentary session, it was a possible ban on the issuance and circulation of crytpocurrency programs will be discussed. However, the new law made it a felony not to the mining of the cryptocurrency, according to Zhumagaliyev, can Kazakhstan, a lot of money to get the part of investors. The prime minister highlighted the progress made in the field of cryptocurrency and mining, in countries such as the United States of america, Sweden, denmark, and South Korea.

Kazakhstan, itself, has more than 14 cryptocurrency mining farms that collectively have a total of 178 million euros in investments have been completed. The majority of these miningfarms can be found in the northern part of the country. Also, some of the farms located in the eastern part of the country, and around This, the largest city of European Russia.

“According to the report, that we are working with international experts have been established, it is anticipated, over the next three years to 300 billion tenges (660 million euros),” he told Zhumagaliye during the parliamentary session.

Tax-free cryptocurrency mining in Kazakhstan

In december of 2019, it was announced that Kazakhstan was not a tax, it will go in tax revenues, which are derived from cryptocurrency mining. This is because the tax charge will only apply to his earnings in real money to be made. Kazakhstan considers cryptocurrency mining this is not an entrepreneurial activity, but only if the technological progress.

The laws for crypto-enthusiasts are, therefore, doubly look. On the one hand, and Kazakhstan and the growth and innovation in the cryptocurrency industry in the area, no income taxes have to rely on cryptocurrency mining. But, on the other hand, Kazakhstan, and, indirectly, that cryptocurrency is not money or a currency consider, but it is more as a technology.

About the author

Jeremiah Faber

Jeremiah Faber

Jeremiah is an explorer by heart – both in the physical and the digital realm. A traveler, Jeremiah continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Jeremiah and through his business acumen has gained financial profits as well as fame in his business niche.

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