The Belarusian enterprise is looking forward to crypto, the Kazakh authorities make a step against mining, while worldwide crypto exchanges are struggling against China
The chemical company from Belarus is eyeing cryptocurrency payments
JSC “Grodno Azot”, headliner of chemical industry from Belarus takes its place under the USA, Canada, Great Britain and EU countries economic sanctions. Like many other enterprises in the country, it lost its chances to get into financial processes using traditional banking or payment systems.
As a result, Dmitry Goroshko, director for economics and finance of JSC “Grodno Azot”, was ordered to study the further issue of the application of crypto payments “to build modern hi-tech payment system”. Such a decision excludes any crypto salaries or crypto payments for production. According to analytics, “the possible realization would be difficult and long-termed, as it requires law changes, including the civil code”.
The Kazakh crypto miners were warned about possible restrictions
Significant growth in energy consumption is observed in Kazakhstan, and the main reason — crypto miners’ migration from China. Starting April 2021, the Chinese crypto enthusiasts faced repressions from the authorities, and now they are looking for the appropriate jurisdiction. For a short period, Kazakhstan took third place at the BTC hash rate all over the world.
But things are not moving smoothly, and the authorities are worried that energy consumption in the country has increased by 7% compared to 2020. Energy Minister of Kazakhstan Magzum Mirzagaliyev warned crypto miners that the legislation could soon be adjusted. The department will probably restrict the electricity supply if it is officially (under the contract) aimed at crypto mining.
But for now, Kazakhstan is trying to decrease the outdated methods of using coal electro stations, which cause significant damage to the ecology. Therefore, no visible increase in consumption growth is planned for the coming years.
Another two well-known crypto Exchanges turned away from their Chinese users
KuCoin and CoinEx are closing the accounts of traders from China following Binance and Huobi. KuCoin announced the Chinese users must close their trade accounts and withdraw assets until the end of 2021. That is because on September 24, the People’s Bank of China hinted at sanctions for crypto exchanges seen in the trade of digital assets domestically.
CoinEx also suspended operations in mainland China. On September 30, the company announced that it would delete user accounts verified as citizens of the designated region. Traders need to withdraw assets by October 31st.
Previously both KuCoin and CoinEx (in 2017 and 2019) has announced their prohibition for trading operations for Chinese users, but then it was softly forgotten. Now the things got changed.