Bill about bitcoin mining in Kazakhstan, bank accounts in India and fiat to crypto trading in Argentina
Bitcoin mining mentioned in new Kazakhstan’s bill
Weeks after the Bitcoin halving, the dynamics in the mining industry are evolving. While rigs like the Antminer S9 are not profitable anymore, the governments of both Iran and Kazakshtan are considering to boost the mining industry.
Kazakshtan emerged as a hotbed for BTC mining hosts, due to its cheap electricity. On top of that, the country considers it as a “purely technological progress” and not as an “entrepreneurial business”, which causes a lot of advantages with taxes.
As per recent updates, the country has formed a new bill that mentions crypto, blockchain, and mining and has sought clearance from the lower house of the Parliament.
According to Alan Dorjiev, a bitcoin miner from Kazakhstan, the bill was in the works since 2018 and will finally reach the senate.
“In this bill, mining is a technological process. Doing services for mining is an entrepreneurial activity and in this bill we cover cryptocurrencies as token-backed tokens and unbacked tokens.”
Source: AMBCrypto
Bank accounts for Bitcoin companies in India
In March, the Supreme Court of India had struck down restrictions imposed by the Reserve Bank of India (RBI) in a circular from April 2018 which directed all entities in the industry of virtual currencies.
Last week this this topic made some progress. There will not be a prohibition on banks in providing accounts to traders dealing with virtual currencies. This was explained by the Reserve Bank of India towards crypto currency exchange Unocoin last week.
The banking regulator was responding to a Right to Information (RTI) query by Unocoin co-founder BV Harish.
Source: Economic Times
Argentina is cracking down on local Bitcoin trading
Argentina’s Financial Information Unit (FIU) is pushing for tighter controls on Bitcoin trading as the government battles “parallel exchange markets” that threaten the peso.
According to a report from Argentine newspaper El Cronista, the FIU, a government agency that monitors compliance with anti-money laundering laws, is seeking tighter controls on cryptocurrency trading.
“Recently, we have seen an increase in operations carried out through virtual assets,”
FIU President Carlos Alberto Cruz said in a statement last week that these transactions “could be carried out by people who intend to circumvent international standards and avoid the [anti-money laundering] framework.”
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