Kazakhstan is ready to legalize a mechanism for converting cryptocurrencies to cash if there is demand, said President Kassym-Jomart Tokayev, per local news agency Informburo on Sept. 28. Speaking at the international forum Digital Bridge 2022, Tokayev emphasized that Kazakhstan aims to become an international leader in the field of digital technology, cryptocurrency ecosystem and regulated mining. He noted that the government of Kazakhstan has drafted amendments in national law to pilot a mechanism for converting crypto at the Astana International Financial Centre. “We are ready to go further. If this financial instrument shows its further relevance and security, it …

Georgia, one of the world’s most cryptocurrency-friendly countries, is moving to introduce new crypto regulations to pursue its ambitions to become a global crypto hub. Georgian lawmakers have prepared a new regulatory framework targeting digital business and cryptocurrency trading in the country, Georgian Minister of Economy and Vice Prime Minister Levan Davitashvili announced. Davitashvili said that a draft bill has been sent to the parliament and the amendments are expected to be passed in the autumn session, local news agency Business Media Georgia reported on Monday. According to the minister, the draft bill aims to coordinate local cryptocurrency laws with …

Who would have thought that a small country in the Caucasus Mountains could become one of the world’s leaders in cryptocurrency mining? Despite its small size and population, Georgia has become a popular spot for cryptocurrency mining thanks to its cheap electricity, the absence of legislative restrictions and attractive tax incentives. This combination of factors has engaged not only Georgian citizens but also foreigners who want to try their hand at cryptocurrency mining. Oasis for miners Georgia’s economy is actively developing, but it has not yet grown up to the level of other developed countries. In 2015, in order to …

Amid the barrage of last week’s regulatory news, from rumors of Joe Biden’s upcoming executive order on digital assets to another round of the Russian government’s crypto tug of war, the storyline that was arguably the most consequential for the mainstream narrative on the social effects of crypto has been the one around the Canadian government’s standoff with the Freedom Convoy. The government’s invocation of emergency powers to put down a protest movement — combined with the movement’s financial infrastructure being one of the main attack vectors — has led many observers to appreciate with renewed vigor Bitcoin’s capacity to …

At first glance, the pint-sized Republic of Georgia is an unlikely suspect for Bitcoin (BTC) mining activity. An underdog for mining, the country boasts abundant hydropower while ranked seventh worldwide for the World Bank's ease of doing business index –ahead of the United Kingdom and Germany. Nestled on the Black Sea at the intersection of Europe and Asia, Georgia hosts Bitfury’s industrial mining operations as well as smaller, solo miners that tap into enormous amounts of hydroelectric power. The country packs a punch for Bitcoin mining. While the Cambridge Bitcoin Electricity Consumption index puts Georgia’s hash rate at 0.18%, a …

In surprising comments made by the Russian director for financial policy, Russia could be softening its stance towards crypto. Ivan Chebeskov, a director within the Ministry of Finance has come out in support of regulating the cryptocurrency rather than banning it. His support is a response to the Russian central bank proposing a blanket ban on crypto mining and trading. According to Chebeskov, banning cryptocurrencies operations and mining will lead to the country lagging behind the worldwide tech industry. The minister instead suggested that cryptocurrencies should be regulated: We need to give these technologies the opportunity to develop. In this …

Chinese mining hardware giant Bitmain will be bringing 56,000 of its latest Antminers to the state of Georgia in the southeastern United States. The influx of mining rigs is part of a three-way deal between Nevada-based tech firm ISW Holdings, crypto mining datacenter Bit5ive, and Bitmain. According to ISW Holdings, the total cost of the hardware deployment will be around $62 million and is expected to generate monthly revenue of $10 million when running at full capacity. ISW Holdings has already parted with $6 million towards the purchase that will see Bitmain's Antminer S19J mining rigs deployed under its new …

Even though the ongoing coronavirus pandemic has yet to fully recede, an increasing number of countries are beginning to open up their borders to tourists once again. Furthermore, with large-scale vaccination drives taking place all over the world, it appears as though by the time summer rolls around again, it will become possible for many individuals to travel to certain holiday destinations once again. In fact, according to the president of the European Commission, Ursula von der Leyen, American tourists will be able to pay a visit to their favorite European Union countries during summer 2021, given that they are …

The National Bank of Georgia said that it is considering launching a central bank digital currency, or CBDC. In an announcement on Wednesday, the central bank hinted at the issuance of a CBDC in an effort “to enhance efficiencies of the domestic payment system and financial inclusion.” The NBG said it would be inviting fintech firms and other financial institutions to participate in the project, named "Digital Gel" after the symbol for the country’s fiat currency, the lari. “CBDC holds the promise to unlock the tremendous value of innovative business models for the benefit of society,” says the announcement. “The …

Located at the intersection between Europe and Asia, Georgia is a small country with a big mission to drive blockchain adoption and education. In February 2017, the government of Georgia made a bold move by signing an agreement to use the Bitcoin blockchain to record land titles, making it the first national government to use blockchain for authenticating state operations. Georgia’s innovation didn’t stop there, rather continuing to grow as the country became a powerhouse for mining crypto. Then, in June 2019, the government of Georgia signed a memorandum of understanding with blockchain technology firm Input Output Hong Kong, or …

Two American inventors have won a patent for a blockchain-based recording system for ballistic data. The United States Patent and Trademark Office awarded two inventors — Jason Palazzolo and Kevin Barnes — a patent for a “firearm environmental recording apparatus and system” on July 23. This apparently could include multiple recording devices, including a camera, microphone, and spatial sensor module that can record velocity, spatial measurements and acceleration data. The filing states that a blockchain database or network could be used to store or be associated with any of the data gathered by the mechanisms. Justifire and evidence for self-defense …

Georgia has exempted cryptocurrencies from value-added tax (VAT), as Bitcoin.com reported on July 13. Per the report, Georgia’s finance minister Nodar Khaduri recently signed a bill aimed at regulating the taxation of entities that trade or mine cryptocurrencies. The bill entered into force at the end of June. The definition of decentralized currency that the bill puts forward is reportedly the following: “Cryptocurrencies are digital assets that are exchanged electronically and based on a decentralized network. Their exchange does not require a reliable intermediary and they are managed using distributed ledger technology.” With the introduction of the bill, residents of …