Kyrgyzstan, Uzbekistan, and Kazakhstan will soon cement their position in the cryptocurrency industry thanks to their progressive and crypto-friendly approach.
The support of cryptocurrencies within countries located throughout Asia proved vital to the cryptocurrency industry, and this is no different for the former Soviet Union-governed countries of Kazakhstan, Uzbekistan, and Kyrgyzstan. These countries have recently emerged on the international community’s radar as their crypto-friendly policies are likely to appeal to international investors and enthusiasts.
The country of Kyrgyzstan borders on an area of China that is home to some of its biggest cryptocurrency mining operations. Prime Minister of Kyrgyzstan, Sapar Isakov, recently announced that his country would use cryptocurrencies in its public contracts, during an economic forum hosted in Kazakhstan’s financial capital, Almaty. The economic forum, titled ‘The digital agenda in the era of globalization’, saw officials gathered from both the Eurasian Economic Commission (EEC) as well as the Commonwealth of Independent States (CIS).
According to the Prime Minister, Kyrgyzstan will implement cryptocurrency-based payment methods for all projects that received government funding. This initiative, called ‘Taza Koom’, was established in order to encourage a widespread digital transformation in the country of Kyrgyzstan. Taza Koom will apply to a number of sectors such as the business environment and the living conditions of Kyrgyzstan’s citizens.
The Kyrgyzstani government will fund a variety of projects using cryptocurrency that were designed to improve aspects of living and governing in the country. Projects include one to add traffic cameras on Kyrgyzstani roads to improve safety conditions, and a program to enhance government service provision.
According to the country’s Premier, using cryptocurrency will ensure that corruption is impossible. This will allow the government to spend more efficiently and to keep track of their spending in a more transparent way. This digital revolution will not be exclusive to Kyrgyzstan.
Kazakhstan has also expressed interest in being included in the proposed digital transformation. According to the president of Kazakhstan, Nursultan Nazarbaev, he was interested in launching a cryptocurrency with an international appeal, called G-Global, that is transparent and democratic. According to Bitsmedia, G-Global will be backed by traditional assets, and won’t be purely a digital asset. While the exact traditional assets were not explicitly stated, the idea is not far-fetched; Kazakhstan is an area that is rich with valuable natural resources.
During the tenth Astana International Forum, the Kazakhstan president noted that G-Global would play a vital role in reducing global monetary wars and the increasingly harmful black market. G-Global Business Portal seeks to unite industry experts to create and develop ways of contributing to digital enterprise.
Uzbekistan was placed third in a list of countries who spend the most on cryptocurrency mining. The International Business Times stated it costs Uzbekistanis $1,790 to mine one Bitcoin,Trinidad and Tobago $1,190, Venezuela $531 and Kazakhstan $2,835.
The study was conducted by analyzing every country’s electricity costs both from private and government supply. The study used the average electricity needs of three main mining rigs, Avalon 6, Antminer S7, and Antminer S9, to make its estimates.
Eastern Europe and Asia provide miners with cost-efficient mining. In Ukraine, mining one Bitcoin is $1,852, Belarus $2,177, China $3,172, India at $3,274, and Russia $4,675.