Budgeting Benefit: Cryptocurrency Mining Contributes 93.7 Million Soms in Taxes in 2023
The Kyrgyzstan government has seen a significant boost in revenue from cryptocurrency mining taxes, according to a report from the Ministry of Finance on budget execution. In 2023, the treasury was replenished by a total of 93,730.8 million soms from cryptocurrency mining taxes, with December showing the highest figure of 15,091.5 million soms. This marked a nearly doubled increase in payments compared to previous months.
The report indicated that the second quarter of 2023 saw a rapid growth in tax payments, with 88 percent of all payments occurring between April and August, totaling 49,180.7 million soms. Prior to December, the highest tax transfers were recorded in August, June, and July.
The data also showed that the lowest amount of tax was paid in February 2023, totaling 738,000 soms. The increase in revenue from cryptocurrency mining taxes highlights the growing significance of this industry in contributing to the country’s finances.
Tatyana Kudryavtseva, reporting for 24.kg news agency, provided this information to the public. The Ministry of Finance’s report sheds light on the evolving landscape of cryptocurrency mining and its impact on Kyrgyzstan’s economy.
