The country’s pilot project seeks to make digital currency investment mainstream to attract investment from the global community as well as enhance protection for its local investors.
President of the Republic of Kazakhstan Kassym-Jomart Tokayev signed the law that will introduce a new tax levy on block reward mining companies operating in the country.
Although the drop in hash rate will have a negative consequence on the digital currency markets in the short term, there are a few positive externalities that will come out of China’s ban on Bitcoin mining.
In freezing the sales, Bitmain says it is attempting to prevent customers from incurring losses on new machines, as well as protecting themselves from sustaining more significant losses.
Kazakhstan is working on implementing enabling regulations for the industry at a time when block reward mining in the country has soared.
With the coronavirus pandemic weighing heavily on the government’s hand, the tax will assist Kazakhstan in its recovery efforts.
The country’s block reward mining efforts have thus far attracted investment of 82.6 million Tenge, approximately $20 million.
The government is eyeing a further 300 billion tenges worth of investment to come over the next three years from the sector.
TAAL Distributed Information Technologies Inc. announces that it will delay filing its annual audited financial statements and management discussion and analysis for the year ended December 31, 2019 until on or about June 12, 2020.
Kazakhstan will eliminate all taxes on cryptocurrency mining and will only tax cryptos once they are sold for fiat currencies.
The black-outs were the result of the Company’s hosting provider’s power supplier undertaking a necessary upgrade in the substation transformer supplying power to the facility.