show
show
Witnessing the digital breakthrough

Venezuelan Authorities Control All Mining In The Country

24 September 2020 20:00, UTC
Venezuelan Authorities Control All Mining In The Country
By Anna Martynova

The Venezuelan government has issued a decree that obliges all bitcoin miners to join the nationwide pool and imposes rules on every aspect of their activities. The new decree proclaims the legalization of crypto-mining and joins a number of recent legislation aimed at centralizing and controlling mining.

The production of ASICs, the construction of mining farms, the import of equipment and the distribution of funds will be regulated in accordance with the law issued by the National Superintendency of Crypto Assets and Related Activities (SUNACRIP).

The authorities say bitcoin mining has paved the way for speculation on the value of the dollar and bypassing the country's financial controls. Thus, the Registry of Miners (RIM) was created to process licenses over the Internet. It will include equipment manufacturers and those who are engaged in the construction of mining farms. Anyone working outside the pool risks a hefty fine.

Image: Wikimedia



Read the best crypto news analysis here! bitnewstoday.com Bitcoin, investments, regulation and other cryptocurrencies
Found a mistake? Select the text and press CTRL+ENTER
Leave a comment
Leave a comment
Report a mistake