Kazakhstan’s government is forming a roadmap to stimulate the development of the cryptocurrency industry and blockchain technology in the country. State authorities have reviewed proposals to address the crypto industry’s development and reconsider the state’s approach to regulating crypto operations, according to a Tuesday announcement on the website of the prime minister of Kazakhstan. Officials have proposed to run crypto exchanges via a major national financial hub, the Astana International Financial Centre. The government also suggested establishing standards, by which crypto exchanges can interact with local banks and clients. The new initiative aims to provide transparency and organization for the …
A proposal made by the government of Kazakhstan aims to impose a 15% flat-rate tax on crypto mining. The plan would use any funds accumulated through the tax to deal with the COVID-19 crisis in the country. According to Forbes, the Ministry of the Economy hopes to combat COVID-19 by funding countermeasures through the collection of such taxes. This represents a departure from the nation’s previous statements, which indicated a different stance from the country. Officials stated that approximately 6% of the world’s Bitcoin (BTC) hash rate comes from Kazakhstan. New electricity tariffs The report adds that the government is …
Kazakhstan’s lawmakers won’t be taxing cryptocurrency mining until the mined crypto is exchanged for fiat money. According to a legislative analyst at a local blockchain association, cryptocurrency mining will not be treated as entrepreneurial activity but rather a “purely technological process,” local business publication Kursiv reports Dec. 4. Madi Saken, legislative analyst at the National Association for the Development of the Blockchain and the Industry of Data Centers of the Republic of Kazakhstan (NABDC), reportedly announced the news at a local blockchain event “Blockchain Day” on Dec. 4, news which Saken has confirmed in an email to Cointelegraph. Tax liabilities …
Russia's Ministry of Finance (MinFin) believes that the creation of a Eurasian Economic Union (EAEU)-backed digital currency is inevitable due to the United States’ sanctions. Major Russian media agency Rambler reported MinFin’s comments on Friday, Dec. 21. MinFin reportedly sees an opportunity for launching a digital currency backed by countries in the EAEU by 2020 or 2021, as deputy finance minister Alexei Moiseev revealed. The Eurasian Union was established in 2014 and includes five member countries: Belarus, Kazakhstan, Russia, Armenia and Kyrgyzstan. The announced digital currency project will be most likely implemented without using blockchain technology, Moiseev stated, as reported …
Huobi Group CEO Leon Li met with senior Argentinian finance officials this week to discuss the role of blockchain and crypto in the country’s economy, according to a press release shared with Cointelegraph on March 29. In a meeting in Beijing, Argentina’s Deputy Minister of Finance, Felix Martin Soto, claimed that the government should address crypto and blockchain tech as a way to promote Argentina’s financial inclusion and reduce state costs. Soto, who leads Argentina’s international financial relations, explained that half of the country’s population does not have bank accounts and operate cash transactions by converting their savings to United …