Kazakhstan is making significant progress in developing its central bank digital currency (CBDC), having completed trial phases. In a report released by the country’s central bank, Kazakh is also planning to refine its CBDC prototype with plans to test with a few users underway.
The major crypto-mining country is also seeking partnerships with other jurisdictions globally – with the introduction of offline capabilities and connections with non-bank mediators.
See Related: Iran Set To Launch Its CBDC, Crypto Rial
‘‘We will develop solutions for launching industrial operations and cooperate with other central banks on cross-border and currency-exchange operations… the unique advantages of the national digital currency relate to conducting a chain of transactions offline,’’ the statement said.
Last December, Kazakhstan announced that it was working on a CBDC pilot in partnership with Corda – with a decision on an extensive development set for 2022. The step was followed by a collaboration with Binance to test the use cases of the e-tenge on BNB Chain.
See Related: Australian CBDC Pilot Program eAUD Receives 140 Use Cases Amidst Growing Interest
Kazakhstani Lower House Passes Bill Capping Energy Usage In Crypto Mining
Meanwhile, the central Asian country is continuing its crackdown on crypto mining activities to ease its overwhelmed energy supply. Kazakh lawmakers passed a bill last Thursday to control energy on mining activities – including the introduction of corporate taxes. The legislation allocates 500 megawatts to miners with a clause permitting registered firms to purchase extra power from the government.
Following China’s ban on cryptocurrency mining in May 2021, Kazakh saw an influx of miners. Surging energy consumption in the sector forced the former soviet republic – then a net energy exporter – to start importing electricity. Also, in the new bill, Kazakhstani legislators are planning to introduce corporate taxes on the miners.
See Related: Mexico Central Bank To Issue A CBDC By 2025
