Kazakhstan’s tax law received backlash; Vietnam PM wants to test digital currency

Kazakhstan’s tax law received backlash; Vietnam PM wants to test digital currency

BUSINESS | ECONOMY | July 5, 2021 | WOZINGA NEWS

Kazakhstan’s tax law received backlash; Vietnam PM wants to test digital currency

  • The Kazakhstan government has received negative comments from businesses due to its new taxation law for crypto mining firms.
  • Vietnam Prime Minister Phạm Minh Chính has encouraged the central bank to examine digital currency

By Marielle Petere Wozinga Journalist

Vietnam and Kazakhstan aim to stabilize individual economies through regulating laws

Kazakhstan and Vietnam aim to stabilize individual economies through regulating laws related to digital currency.

Kazakhstan’s new taxation law for crypto mining firms has gained negative comments from businesses.

As part of the Asian e-government plan, Vietnam Prime Minister Phạm Minh Chính has urged the central bank to examine digital currency. Also, he wants to pilot it within two years.

Central Asia: Kazakhstan’s tax law

Today, Yahoo Finance relayed the recent report of local news media. According to the report, several businesses have started to give remarks about the newly imposed tax law. 

On June 24, the Kazakhstan government released a notice. It stated that the President signed the law, and its effectiveness will be on January 1, 2022. 

Even though the regulators expect that the country will generate billions of tenge, many view the opposite. The concern has surfaced due to the additional fees for electricity used by miners.

In this case, Yahoo Finance mentioned that several have thought it might be “the death of crypto mining” in Kazakhstan. 

Another local media outlet, Forklog, mentioned that the legislature voted on the bill in early June. It indicated a new fee; the rate would be 1 Kazakhstani tenge per kilowatt-hour. 

Also, the local outlet pointed out that the author of the bill was lawmaker Albert Rau. According to Bitcoin News, Rau said that he could not prognosticate “critical consequences from the adoption.”

Southeast Asia: Vietnam to implement digital currency

According to Bitcoin News, Vietnam Plus reported that the government published a statement for the e-government. It also highlighted the development of blockchain-based currency, 

Meanwhile, it addressed the necessity of the government to master crypto space. It included the adaptation of digital currencies and digital assets. 

In this regard, Director Huynh Phuoc Nghia Institute of Innovation at the University of Economics located in Ho Chi Minh City commented. 

Bitcoin News quoted the director’s remark, “it is time for the government in Hanoi to study and carry out a pilot implementation of digital currency.”

Do you agree with the pilot implementation of Vietnam’s digital currency?

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