In Abkhazia, the ban on cryptocurrency mining will be lifted

President of Abkhazia Aslan Bzhania said, that the country's authorities plan to lift the ban on cryptocurrency mining after the development of “optimal regulation mechanisms” of the industry.

Bzhanya noted, that despite the ban on cryptocurrency mining at the end 2018 of the year, quantity mining farms in the country are growing, Moreover, their illegality damages the economy of Abkhazia. Therefore, it is better to allow cryptocurrency mining, however, to properly regulate this industry. Bzhania stated:

“Now work is underway to record and identify points, where are these mining systems installed?, there's no way to hide anything. A government resolution is being prepared, mechanisms will be indicated there, the most optimal for this, to regulate this process. We will not ban it, the state will regulate it properly. This is also the first stage in solving energy problems.”.

Bzhanya noted, that despite very cheap electricity in the country (about 40 kopecks per kWh), most households do not pay for electricity. Therefore, there is a shortage of electricity in Abkhazia. In the fall, when energy consumption increases noticeably, perhaps, rolling blackouts will have to be introduced.

Recall, what, as reported late last year, Abkhaz authorities intend to intensify efforts to identify illegal mining farms.

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