In a country in Central Asia, there have been violent fights between protesters, police, and army members over the past few days. The protests started in the west of the country after the price of gas suddenly went up the weekend before. They quickly spread to towns all over the country.
People in every part of the country couldn’t get on the internet on Wednesday. Even though it seemed like the goal of the blackout was to make it hard for protesters to talk to each other, its effects have been even wider.
Computers with a lot of processing power for mining through bitiq.org for Bitcoin and other digital currencies. Most of the time, these computers live in places around the world called “data centers.” There, they compete to solve difficult math puzzles, which takes a lot of energy.
The head of the central bank has said that by the end of 2022, a decision will be made about how to use digital currency. I don’t think you can say that the National Bank is late to the party. We are looking into the situation and keeping a close eye on it, just like many other banks and financial authorities around the world.
We won’t miss out on this market. We are making the most of the tools we have to bring in as much money as possible.
The CEO also talked about the work that the National Bank is doing on the Central Bank Digital Currency (CBDC) project. He said that the bank does want to talk about how it will make a digital tenge by the end of June at the latest.
Based on this method, it was said that a decision about whether or not to use the CBDC would be made by the end of the year.
On May 25, the Kazakh parliament heard for the first time about the proposed changes to the country’s tax law. With the changes, companies that mine cryptocurrency would have to pay a tax based on how much power they used.
Kazakhstan is one of the biggest mining markets in the world, but mining only brought in $1.5 million for the state in the first quarter of 2022. In a report put together by the State Revenue Committee of the Ministry of Finance, it says that a big chunk of the expected fees has not been collected. This is because to “ensure energy security,” the government shut down a lot of companies that mined cryptocurrency.
The most important place for cryptocurrency in Kazakhstan
In the last few years, the Asian country has become one of the most important players in the business world. The government gave local banks the ability to give their customers access to digital assets in the summer of 2017. At that point, the government will decide if it should keep going or not.
Kazakhstan is known as one of the most innovative cryptocurrency mining countries in the world. According to the most recent numbers, it is responsible for more than 13% of all the hashrate in the world. This puts it in third place, after the United States and China
The Minister of the National Economy, Alibek Kuantyrov, said that his team plans to put in place a tax plan that is tied to the price of bitcoin. To be more specific, the amount of tax that miners should pay should go up with how much the main cryptocurrency is worth in US dollars.
Kazakhstan’s producer price inflation fell to 41.3% year-on-year in April 2022, from a four-month high of 47.1% the month before. This was because inflationary pressures were lower across the board. This was less than the 47.1 percent jump from the month before.