Kazakhstan’s Digital Development Minister Bagdat Mussin said that the country has begun talks regarding investments of up to 300 billion Kazakh tenge ($700 million) to fund its cryptocurrency sector.
So far, Mussin remarked that more than 80 billion tenge ($190 million) has already been invested in the said sector. A total of 13 cryptocurrency mining firms are already operating in the country as well.
Kazakhstan bills itself as a blockchain-welcoming country. It has passed a number of legislations that aimed to clarify its stance regarding cryptocurrencies and related activities. Its central bank approves cryptocurrencies that have actual assets to back them up. Meanwhile, the country considers Bitcoin as a money-laundering tool used to avoid tax, which can influence economic recession.
In June, Mussin’s predecessor Askar Zhumagaliyev, while citing evidence in support of the crypto ban, expressed an opinion that for a couple of years to come, Kazakhstan will be able to raise over $700 million via its investors to support the country’s cryptocurrency mining farms. Zhumagaliyev was the one who started the $700 million investment initiative.