Category Archives: Kazakhstan

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Kazakhstan Decides not to Tax Cryptocurrencies

kazakhstan

  • No tax on crypto mining in Kazakhstan until crypto is converted to fiat

In a bold move, the Kazakhstan government has announced that it won’t target cryptocurrency for taxation purposes in its territory until it are converted into fiat currency. The move was reported by a local business publication named Kursiv.

According to the reports, a legislative analyst at the National Association for Development of Blockchain Industry of Data Centers (NABDC) named Madi Saken announced the development at a local blockchain event, Blockchain Day, held on 4 December.

According to the local report, the Kazakh government has agreed upon a draft law for crypto taxation. The bill is now in front of the president for further consideration and then if signed will be given to the Mazhilis, or the lower house of the Kazakh parliament for final approval later in December 2019.

The suggested legislation will try to recognize the cryptocurrencies as well as crypto mining in legal terms and then determine taxation figures. According to Saken, neither the cryptocurrencies nor their mining exploits will be considered for taxation until they are converted to fiat currency or “real currency”.

Cryptocurrency mining, on the other hand, will be considered a business activity and will be taxed according to the current taxation rates set for the data center industry in the country.

 

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Kazakhstan Kindergartens Streamline Waiting Lists on Blockchain

Kazakhstan Kindys Streamlining Waiting Lists Through Blockchain

Blockchain is being employed in numerous areas across sectors in all parts of the globe moving into 2019, but the education department of the Kazakhstan capital of Astana has found another use for it to keep parents happy.

Admissions to kindergartens in Astana have been painfully slow as children start their road to education, and parents have been waitlisted as a result in many of the city’s schools. The management of the waiting lists has meant that priority for admission is given to children whose legal representatives are disabled or to those without parental care, from large families or with special educational needs.

The Department of Investments and Business Development in Astana has come up with a solution to speed up the whole process for parents by applying blockchain technology. The old digitalized system of data storage led to incorrectly stored information, often delaying the admission process even further.

A new blockchain-based database will be launched on 1 February, apparently inspired by services like Booking.com, Uber, and Airbnb. Now parents will be able to choose their kindergarten based on the schools ranking and the educational program provided for their children.

Kazakhstan’s President Nursultan Nazarbayev is calling for the regulation of cryptocurrencies in the central European country as currently there is no structured framework. In the latest development, an executive body of the Eurasian Economic Union (EAEU), which includes Kazakhstan, released a report on cryptocurrency with a view to regulation in the region. Other countries contributing to the report included Russia, Armenia, Belarus, and Kyrgyzstan.

 

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Chechnya Eurasian Crypto Mining Pool to Boost EAEU Nations

Eurasian Economic Union Countries (EAEU) are to receive some support in their crypto mining activities suggests Ramzan Kadyrov, leader of the Chechnya Republic.

According to the head of state’s press secretary Alvi Karimov, Chechnya has come up with a plan to create a mining pool to support mining in the Eurasian region by pooling resources of regional crypto miners.

Situated in the eastern part of the North Caucasus, partially in Eastern Europe, Chechnya is surrounded on nearly all sides by Russian Federal territory. In the west, it borders North Ossetia and Ingushetia, in the north, Stavropol Krai, in the east, Dagestan, and to the south, Georgia. Its capital is Grozny.

Chechnya is a federal subject of the Republic of Russia, which has once entertained the thought of a crypto-ruble in the past, despite attacking public cryptocurrency adoption. Although Chechen authorities have not outwardly supported cryptocurrency adoption themselves, the government has begun to demonstrate an interest in implementing blockchain and electronic payments systems. In a surprise move earlier this year, President Kadyrov publicly became a private cryptocurrency investor himself after slamming the concept, maintaining:

“Someone who puts money into cryptocurrencies expects their value to increase many fold… Their price grows only at the expense of investors’ greed. Those people are trying to draw in new investors and then get rich thanks to their greed.”

Ten days later the unpredictable Kadyrov bought his first Bitcoin. He said, “I’ve made up my mind to buy a share of bitcoin to follow the evolution of the cryptocurrency,” he further added: “I have already stated that blockchain will be introduced in the Chechen Republic and I am also interested in innovative payment networks.”

Although, the head of state calls for further regulation to protect Chechen citizens from “financial pyramids and other fraudulent schemes,” he wants miners from Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan to unite to create the new pool.

It is likely that President Kadyrov is buoyed by neighboring Russia’s increased mining activity with 400,000 people now employed in the sector. 70,000 enterprises operate hundreds of thousands of mining rigs. Russian money going towards foreign enterprises through crypto mining is also on the increase, a fact that has driven pooling ideas.

As a result, the RACIB has linked up with Crypto Universe Company to develop two mining pools under the project name “Mine Russia”.  Each of the pools is speculated to support 3000 units, mining a range of cryptocurrencies. One of the main aims of the project is to cut back on the amount of Russian money going towards foreign enterprises through crypto mining. The Russian Association of Crypto Industry and Blockchain’s (RACIB) president has vowed that there will be no hidden fees for the transfer of assets or connecting the mining equipment to the pools.

The Chechen pool will jump-start the ‘Crypto Chechnya’ program, which is aimed at developing the region’s economy with the use of blockchain technologies. The government has confirmed that before the mining pool can be launched, the adoption of the laws regulating the operation of cryptocurrency in the territory of Russia needs to be ratified; possibly later this year as a new bill passes through the Russian State Duma.

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Moscow to Use Ethereum to Oversee Farmers’ Markets Allocations

Moscow is going ahead with plans to develop a system using the Ethereum blockchain which will simplify the allocation of commercial trading plots to farmers.

The system is designed to allocate some 1,500 trading spots which become available each year with 20,000 farmers scrambling for a foothold in the April to November agricultural season. The race for a livelihood is enormously competitive, with farmers from Russia and original federated states, Armenia, Belarus, Kazakhstan and Kyrgyzstan, all vying for a place to conduct weekend trade in the nation’s capital.

Along with allocation of the spots, blockchain should help with recording applications and keep details of those who have been denied access to a trading location. Blockchain product manager at Moscow City Hall, Andrey Borodyonkov sees the use of blockchain as a huge advantage, commenting, “Blockchain is an additional guarantee that the incoming applications remain immutable as well as makes the audit of the application history possible.”

Until now, farmers have had issues with the current method of allocating trading spots, receiving little to no indication from City Hall as to why unsuccessful requests to trade in the capital had been denied. Also, with the blockchain system, the risk of any allegations of fraud or tampering with requests will be eradicated. A government statement suggested:

“The entire dataset is publicly viewable, transparent and available for download. In that case, submission time can be confirmed, while the application cannot be deleted or altered by someone once it is submitted.”

Andrey Belozerov, an adviser to Moscow City Hall, is particularly happy with this outcome as he sees it as offering clarity to farmers:

“We believe that farmers should have a transparent system to see why their application is declined or approved…blockchain is to make sure that the process is fully transparent and no one can alter an application. We hope that blockchain will provide full transparency for everyone.”

Moscow City Hall, which has recently formed a new department called Product Blockchain, is clearly intent on putting the new technology into commercial use at government administrative level since hiring blockchain developers back in 2016.

 

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