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Kazakhstan to Attract $738 Million Worth of Cryptocurrency Investments Over Next Few Years

The country of Kazakhstan is getting involved in blockchain and cryptocurrency. According to a report from local news, Kazakhstan wants to attract $738.4 million worth of cryptocurrency investments over the next three years.

This news is according to the Kazakh Minister of Digital Development and the Innovation and Aerospace Industry, Askar Zhumagaliyev.

Zhumagaliyev spoke to the Kazakh Parliament on the matter, stating that a current circulating bill could ban digital technology “except as otherwise provided by law,” the publication notes. It also hasn’t banned digital mining, either, considering it is available to many users all around the country.

“We studied the experience of other countries, such as the United States, Sweden, and South Korea,” said Zhumagaliyev to the court. “We see today that activities such as digital mining and cryptocurrency are part of our everyday lives. I would like to note that there are 14 such digital farms in Kazakhstan and they are built near energy sources that can connect to them. They have already brought 82 billion tenge (US$201.7 million) of investments in the country.”

Essentially, cryptocurrency mining might be one of the big investments coming out of Kazakhstan over the next few years – especially regarding cryptocurrency and blockchain. Will this lead to more adoption and other related processes? It’s very likely.

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