Kazakhstan President wants increased tax on cryptocurrency mining
The President of Kazakhstan has called for increased taxation on cryptocurrency mining which uses a lot of power. The nation has been a home for Bitcoin miners who ran away from China's cryptocurrency crackdown. Due to a huge influx of crypto miners in the nation, the nation is now facing a deficit of electricity, and people are protesting against the government's decision.
Kazakhstan to introduce policies
The President of Kazakhstan, Kassym-Jomart Tokayev, said that the government needs to impose stricter crypto laws related to mining and also bring a full-fledged plan by Apr 1. Moreover, the President also stated that the current rate of taxation of 1 Kazakh tenge ($0.0023) per kilowatt is negligible. The President added in his statement:"The role of digital mining cannot be hushed up. The socio-economic effect of the production of crypto-currencies is minimal. Mass jobs are not created, there are no products as such at all. At the same time, this area consumes electricity as several areas."The current taxation law came into effect on Jan 1 but, the local reports say that the new tax laws might cause the rate to increase as high as 5 Kazakh tenges. The President of Kazakhstan pointed out that "some unscrupulous miners frankly use tariffs that are lower than tariffs for the population. Taxes and duties are not paid on imported equipment. And most importantly, using the country's resources to the maximum, these dealers monetize them in other jurisdictions."
Power issues
Cryptonary noted that following the huge influx of miners in the nation, Kazakhstan had to borrow power from Russia. The country decided to cut off electricity to "licensed" crypto-mining centers. As per a recent report, the country now has the second-highest Bitcoin mining hashrate, which makes it very important for the world's biggest cryptocurrency. Moreover, the influx continues with Canaan expanding services in Kazakhstan with 10,000 machines.Continue reading by joining Cryptonary Pro
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