Kazakhstan government plans to double investment in cryptocurrency mining
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Answer Kazakhstan government plans to double investment in cryptocurrency mining
The Kazakh government has generated revenue of 82.60 million Kazakhstani tenge (equivalent to $20 million) from the cryptocurrency mining project.
Kazakhstan intends to double its investment in cryptocurrency mining by the end of 2020, while developing its own central bank digital currency. According Chinese Ministry of Commerce website,
According to the same source, the amount of this investment will rise to 80 million tenge this year.
Kazakhstan executives also recently unveiled an initiative to develop cryptocurrency in the country through the “Astana Online Financial Day 2020” event.
The Kazakh government considers blockchain technology to have a true global value. In May, Mo Shen, the advisor to the Kazakh president, suggested adopting blockchain technology and the digital Ting currency in order to combat corruption and ensure transparency in the division of funds in the country.
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Last month, Kazakhstan approved a strategy to develop blockchain digital technology.
Currently, the Central Bank of Kazakhstan is working on the CBDC.
Zarenov, adviser to the head of the Central Bank of Kazakhstan, confirmed:
The main task of the central bank is to maintain the objectives of reducing inflation and stabilizing the financial market, and solving the digital currency is the second priority.
The key is to ensure that the design of the digital currency system is consistent with monetary policy objectives.
Karev, the development supervisor at the Astana International Financial Center (AIFC), stated that the AIFC intends to provide assistance and create a legitimate basis for Kazakhstan to launch its digital currency.
The AIFC includes ratings for crypto, digital wallet, smart contracts, and regulation of the language and laws of the cryptocurrency market.
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Kazakhstan has earlier established a way to store and distribute cryptocurrencies via a dedicated platform.
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