In Abkhazia, the ban on cryptocurrency mining will be lifted

President of Abkhazia Aslan Bzhania said that the country’s authorities are planning to lift the ban on the mining of cryptocurrencies after the development of “optimal regulatory mechanisms” for the industry.

Bzhania noted that despite the ban on cryptocurrency mining at the end of 2018, the number of mining farms in the country is growing, and their illegality is damaging the economy of Abkhazia. Therefore, it is better to allow the mining of cryptocurrencies, but to regulate this industry qualitatively. Bzhania stated:

“Now we are working on accounting and identifying the points where these mines are installed, it will not be possible to hide anything. A government decree is being prepared, there will be indicated the most optimal mechanisms 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 ”.

Bzhania noted that despite the 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 markedly, rolling blackouts may have to be introduced. 

Recall that, as reported at the end of last year, the Abkhaz authorities intend to intensify activities to identify illegal mining farms.

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