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Kazakhstan lays out its three-year plan to bring in $700 million + in crypto investment

Kazakhstan lays out its three-year plan to bring in $700 million + in crypto investment
  • Kazakhstan recently set a goal to bring in more than $700 million in investments relating to mining activities set up over the next three years. 
  • According to a report released earlier this week, Askar Zhumagaliyev revealed the plan in an address to the upper house of the Kazakhstan Parliament.

Kazakhstan and its government has recently set an impressive goal in order to bring in more than $700 million in investments relating to the cryptocurrency mining activities set up within the country over the next three years. According to a report released earlier this week on the 16th of June, the minister of digital development in Kazakhstan, Askar Zhumagaliyev revealed the plan in an address to the upper house of the Kazakhstan Parliament.

Speaking during a Parliamentary session in regards to the possible ban on the issuance and circulation of digital assets, the minister of digital development noted that the progress of countries such as Sweden, South Korea and the United States in guards to the world of crypto is well underway. He further added that the industry was growing in Kazakhstan too as the nation currently has 14 crypto mining farms that have brought in over $200 million of investment. He further said:

“According to the report that we have prepared with international experts, we expect another 300 billion tenges (US$738.4 million) in the next three years.”

The bill that is under discussion during the Parliamentary hearing in Kazakhstan did not say anything in regards to prohibiting mining activities of crypto in the nation.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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