Kazakhstan is one of the largest countries in the world when it comes to the size of the country. Moreover, it is the richest country in Central Asia. Thus, it has the potential to attract investors from all over the world. The government of Kazakhstan wants to attract $738.4 million from investments in crypto-related mining activities over the next three years.
It is not surprising that the government wants to develop crypto mining, as it is a profitable business. Importantly, Kazakhstan’s Minister of Digital Development, Innovation, and Aerospace Industry revealed the plan while speaking in the Upper House of Kazakh Parliament. He discussed this topic several days ago. Askar Zhumagaliyev addressed the June 11 plenary session of the Senate.
Crypto mining in Kazakhstan and investors
Importantly, Zhumagaliyev discussed the progress of countries such as the United States, Sweden, and South Korea regarding crypto mining. According to Kazakhstan’s Minister of Digital Development, Innovation, and Aerospace Industry this sector is growing in the country. It is worth mentioning that Kazakhstan currently has 14 crypto mining farms. All of them combined have brought approximately $201.7 million of investment.
Based on the report prepared in collaboration with international experts, authorities expect another 300 billion tenges ($738.4 million) in the next three years.
Most of the crypto mining farms are located in the country’s northern regions as well as in the Pavlodar, East Kazakstan regions, and Uralsk.
Kazakhstan, as well as its neighboring countries, has the potential to attract local and foreign investors. However, to achieve this goal, governments of Kazakhstan, Uzbekistan, Turkmenistan, Tajikistan, and Kyrgystan should become more crypto-friendly. Otherwise, it will be hard to compete with other countries around the world. Moreover, cryptocurrencies have the ability to make life easier for millions of people across the country and the region. Also, people step-by-step will learn more about cryptocurrencies.
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