Kyrgyzstan has seen a significant increase in revenue from taxing the crypto mining industry, with the government expected to raise over $1 million in 2023. According to the nation's finance ministry, tax revenue from crypto miners reached $900,000 in the first 11 months of the year, with a particularly high amount collected in August. This growth in mining activity is attributed to the affiliation of mining farms with small hydroelectric power stations in Kyrgyzstan. The country's abundant hydropower potential makes it an attractive location for crypto mining operations seeking to enhance their environmental sustainability. Furthermore, Russian officials are planning to establish cross-border central bank digital currency (CBDC) trade with the Eurasian Economic Union, which includes Kyrgyzstan, in 2024.
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