Abkhazia to Remove Existing Prohibition Status On Crypto Mining Countrywide

By Robin Wong | September 19, 2020

The de facto state of Abkhazia has reportedly concluded its fight against crypto mining across the region, with the president has publicly revealed measures to remove the existing prohibition nationwide. 

Specifically, Aslan Bzhania stated on Thursday that his government is reportedly looking to roll out “the most optimal mechanism” focusing on crypto mining regulation, instead of keeping the existing prohibition decision longer on any activities associated with blockchain

Previously, Ruslan Kvarchia, director of operational and technological management of the state’s official energy firm, reportedly remarked, claiming crypto mining is among the factors that led to the energy crisis Abkhazia is experiencing. 

“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, which will outline the most optimal mechanisms to regulate this process. We will not prohibit it [mining], the state will regulate it properly. This is also the first stage in solving energy problems.” Bzhania reportedly remarked in response to the claim. 

Bzhania further stated that the task would not be simple, regarding bringing the nation’s power system back to normal levels. He also reportedly claimed that with the assistance from appropriate framework, around half a year would be required to put an end to the crisis. 

Abkhazia has reportedly undergone an incline in crypto mining activities this year, despite activities associated with crypto are still considered illegal since 2018.

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