How Kazakhstan Plans to Develop its Crypto Industry

Central Asia's richest country and crypto mining

The crypto industry is evolving as companies and authorities started to pay more attention to this industry. Importantly, the government of Kazakhstan is not an exception. Moreover, countries from this region have the potential to attract local and foreign investors.

Nevertheless, to achieve this goal, governments should become more crypto-friendly. Otherwise, it will be hard to develop this industry. Importantly, cryptocurrencies can make life easier for millions of people across the region. Moreover, people step-by-step will learn more about different cryptocurrencies.

Recently, Askar Zhumagaliyev discussed the progress of countries such as the United States, Sweden, and South Korea regarding the cryptocurrency and digital mining. He is the Minister of Digital Development, Innovation, and Aerospace Industry. According to Zhumagaliyev, this sector is growing in the country. He discussed this topic several days ago while speaking in the Upper House of Kazakh Parliament.

Crypto mining in Kazakhstan Government and crypto mining

Interestingly, Kazakhstan currently has 14 crypto mining farms. It is worth mentioning that, all of them combined have brought approximately $201.7 million of investment.

However, the country wants to achieve even better results. For example, based on the report prepared in collaboration with international experts, authorities expect another 300 billion tenges ($738.4 million) in the next three years. Kazakstan wants to attract $738.4 million from investments in crypto-related mining activities over the next three years.

Notably, Kazakhstan’s Minister of Digital Development, Innovation, and Aerospace Industry, Askar Zhumagaliyev revealed this plan while speaking in the Upper House of Kazakh Parliament. As a reminder, Zhumagaliyev addressed the June 11 plenary session of the Senate.

Importantly, most of the crypto mining farms are located in the country’s northern regions and the Pavlodar as well as in the East Kazakstan regions, and Uralsk.

People should not forget that Kazakhstan is one of the largest countries in the world when it comes to the size of the country. Also, it is the richest country in Central Asia.

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