Amid riots over gas prices, Kazakhstan government resigns

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Gov­ern­ment offices and the pres­i­den­tial palace were set afire in the cen­tral Asian nation of Kaza­khstan on a fourth day of riots over ris­ing ener­gy prices. Since China’s cryp­to bans, Kaza­khstan has become a pop­u­lar des­ti­na­tion for relo­ca­tion and expan­sion of cryp­to com­pa­nies, includ­ing ener­gy-inten­sive cryp­to min­ing com­pa­nies. Glob­al media have report­ed that Pres­i­dent Kassym-Jomart Tokayev has accept­ed the res­ig­na­tion of the gov­ern­ment.

Fast facts

  • The protests began Sun­day when the cost of fuel dou­bled as the gov­ern­ment lift­ed price caps for liq­ue­fied petro­le­um gas. Kaza­khstan is an oil-rich nation that is an exporter of oil and gas. It also has a severe income disparity.
  • The main telecom­mu­ni­ca­tions com­pa­ny Kaza­kht­ele­com shut off inter­net access nation­wide on Wednes­day afternoon. 
  • Min­ing com­pa­nies flee­ing Chi­na arrived in the spring and sum­mer, but began expe­ri­enc­ing pow­er short­ages in the fall, espe­cial­ly in the south. Cryp­to min­ing com­pa­ny Xive shut down oper­a­tions in Kaza­khstan in Novem­ber, claim­ing, “South is com­plete­ly lost for min­ers.” In a tweet, the Xive CEO said, “Coun­try risk played out.”

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