Another reason to check illegal crypto mining is to ensure that secretly mined crypto assets are not used for illegal activities that threaten the economic stability of Kazakhstan.
High consumption of electricity in crypto mining is adding to the problems of Kazakhstan. Because of this the authorities are taking action against illegal crypto mining centers. There is a shortage of electricity from these mining centers and this is also increasing the threat to economic security. The Financial Monitoring Agency of Kazakhstan has raided and closed more than 100 such crypto mining centers.
According to the instructions of the Government of Kazakhstan, crypto mining firms will have to register by March 19 to continue their work. Government made a statement” The Financial Monitoring Authority has registered 25 criminal cases and seized over 67,000 equipment,” it said in a statement. There are reports that associates of some big businessmen in the Pavlodar region were running illegal mining centres. Kazakhstan’s per-day electricity consumption has decreased by 600 MW per hour since the crackdown on illegal crypto mining centers.
Another reason to check illegal crypto mining is to ensure that secretly mined crypto assets are not used for illegal activities that threaten Kazakhstan’s economic stability. “The lack of adequate regulation for crypto mining and circulation of crypto assets poses a major threat to the financial system and the security of citizens. Cryptocurrencies can be used to fund terrorist activities, purchase weapons and drugs,” the authorities said in a statement. ” Kazakhstan’s government agencies are developing solutions to regulate the crypto segment. Kazakhstan bitcoin
after US last yearIt has become the world’s second largest center for mining. The number of miners in Kazakhstan is increasing due to China’s ban on crypto mining last year. However, they have a large number of illegal miners. The government of Kazakhstan last month decided to increase the tax on electricity for crypto miners. Earlier, in some other countries like Iran, there has been a shortage of electricity due to crypto mining.