Mining was called “new oil” in Kazakhstan and they want to strongly encourage the mining of cryptocurrency. This was told by the vice-president of the Association of the blockchain and the cryptocurrency of Kazakhstan Leonid Muraviev.
The official explained that mining, the rise in the price of bitcoin and, of the cryptocurrencies in general, can positively affect the economic development of the country. The potential of Kazakhstan allows providing electricity to about half of all miners that mine cryptocurrency in different countries around the world. Today, energy capacity is not used in Kazakhstan enough.
Muraviev also noted the Central Bank’s skeptical attitude toward cryptocurrencies. The regulator wants to prohibit any crypto operations, including the exchange of national currency for coins. But, as the vice-president of the association explained, mining is just calculations, so there is nothing to forbid. It will be better if the government benefits from this process.