Kazakhstan, one of the largest Asian countries, is confirmed to have been working on a roadmap that is meant to start the adoption of digital currencies and blockchain technology. This comes at a time when block reward mining in the area has increased notably.
The news was revealed on the official website of Askar Mamin, the Prime Minister of the country, in a statement that confirmed the government’s plans to promote the adoption of crypto.
As far as block reward mining is concerned, Kazakhstan ranks fourth in the world. The government encourages this growth and plans to attract more companies, especially those that aren’t part of the block reward area of the industry.
One main area the government wants to improve is the regulation of the industry. The country doesn’t have any rules that could govern the growing industry which, per the statement, has played a role in suppressing the development of the industry there. The government is eyeing digital currency exchanges which, if regulated, would let it monitor the industry and apply taxes.
Kazakhstan is enjoying a fast increase in block reward mining as a result of low costs for electricity – in fact, Kazakhstan has some of the lowest power rates on the globe. As a result, many international block reward miners have relocated to the country. Others, such as BigBlock Datacenter, which was previously located in Ukraine, moved here as a result of the political instability in the aforementioned country.
The CEO of BigBlock Datacenter, Sébastien Gouspillou, also mentioned that Kazakhstan produces more electricity than it can actually use:
“With renewable electricity such as hydroelectricity, there’s production capacity that isn’t necessarily resold. The dam depends on the driving force of water, which can sometimes overwhelm demand.”