A proposal made by the government of Kazakhstan aims to impose a fixed-rate tax of 15% on cryptomint mining. The plan would use all the funds accumulated through the tax to address the COVID-19 crisis in the country.
According to Forbes, the Economy Ministry hopes to combat COVID-19 by financing countermeasures through the collection of these taxes. This represents a departure from the nation’s previous statements, which indicated a different position from that of the country. The authorities stated that approximately 6% of the world’s Bitcoin hash rate (BTC) comes from Kazakhstan.
Kazakhstan would not impose taxes on crypto coin mining
New electricity rates
The report adds that the government is seeking to regulate Iq Option cryptomining activities in accordance with the new electricity tariff rules, which were recently imposed on the country.
Kazakhstan needs a national crypto currency to tackle corruption
Forbes says the accumulated tax revenues would help rebuild the nation’s „infrastructure“ and combat the effect of the pandemic on Kazakhstan’s economy.
Nearby, the Republic of Abkhazia is witnessing an increase in cryptomining activities despite being illegal since 2018. Customs has reported that mining hardware worth over USD 589,000 has crossed the nation’s border in the last six months.