In an attempt to raise money to tackle Coronavirus, a new law has been made by the Government of Kazakhstan to place a 15% tax on BTC mining companies.
A local Russian publication reported that Bitcoin miners are to meet the authorities for registration. Afterwards, the 15% tax must be indicated on their yearly tax report.
Infrastructures to tackle the pandemic would be built, and the economy would also be improved with the funds gotten from newly imposed tax. An official data proves that over 100,000 citizens have the infection, while close to 1,300 has died.
Bitooda, a crypto research firm, says about 8% of the global Bitcoin hash rate has been accounted for by The Republic of Kazakhstan, a transcontinental country mainly located in Central Asia. Kazakhstan, alongside Russia and Iran, claims the 3rd largest Bitcoin mining industry worldwide.
The Miners are generally attracted to the low-price electricity, which is an average of 3 cents per KWH.
Askar Zhumagaliyey, the minister of Digital Development, innovation, and Aerospace Industry of Kazakhstan, announced around June that the northern part of Kazakhstan had 14 Bitcoin mining companies in operation. He further stated that the country now targets investment of about $738 million as well as activities relating to cryptocurrency, most especially mining.
The government also intends to establish a law to help regulate the crypto industry and new electricity tariffs for the crypto mining sector.
Source: News.bitcoin
