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NEWSBSC Crypto Mining

Kazakhstan President laments lack of “financial return” from Crypto Mining

Kazhakhstan Prezident Kassym-Jomart Tokayev has expressed his disappointment at the failure of his administration to generate substantial income from crypto mining activities.

Mr. Tokayev made this known during a meeting with stakeholders within the financial industry stakeholders at the country’s capital Almaty.

“Cryptocurrencies are an objective factor that cannot be simply ignored. It is necessary to clearly evaluate their potential to influence the current financial system.” A statement on the government’s official website said (as translated by Cointelegraph).

He continued by emphasizing the need of crypto exchanges and regulation templates in Kazakhstan.

NEWSBSC Crypto Mining

“Therefore, work should be resumed on the formation of a balanced regulatory environment for the creation of cryptocurrency exchanges in the country. Otherwise, it turns out that we are the number two country in the world for cryptocurrency [Bitcoin] mining, and we practically do not see financial returns.”   

Newsbsc reported recently that Kazakhstan expects to rake in $1.5 billion from Crypto Mining in the next five years.

NEXT: Kazakhstan eyeing $1.5B profit from Crypto Mining within five years

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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