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Abkhazia allows mining of cryptocurrencies |

Finanz.ru portal published important news about the mining market. It turns out that Abkhazia is lifting the cryptocurrency mining ban. Authorities even plan to introduce “The most optimal mechanism” governing the mining of digital currencies.

Abkhazia and cryptocurrency mining

Earlier this week, Ruslan Kvarchia, director of operational and technology management of the official state-owned energy company, stated that cryptocurrency mining is a major factor driving the current energy crisis in Abkhazia.

Now we are working on the accounting and identification of the points where these mines are installed, it will be impossible to hide anything. (…) A government decree is being prepared which will define the most optimal mechanisms for regulating this process. We will not forbid [wydobywania]the state will regulate it accordingly. It is also the first step in solving energy problems He told the media.

The authorities added that restoring the country’s energy system to a normal level is a difficult task they are facing. It is said that the works on the above are to take up to six months.

Interest in cryptocurrencies

It is worth noting that Abkhazia has been a place of rapid growth in cryptocurrency mining in recent quarters. And this despite the fact that activities related to digital currencies have been illegal there since 2018.

For this country customs authorities informedthat over the past six months, BTC mining equipment worth more than $ 589,000 has been smuggled across the border of Abkhazia.

Local media explain that all import of cryptocurrency miners is legally allowed. Importers are only required to pay a tax of 1%. the value of the equipment and 10 percent. VAT. As you can see, many of them try to avoid this order.

The country, which is considered by several countries to be an “autonomous republic” of Georgia, says it has earned more than $ 84,100 in taxes since the beginning of 2020 only from importing cryptocurrency miners.

Abkhazia itself is a territory on the eastern Black Sea coast, formally part of Georgia, but in fact an unrecognized country (it has only been recognized by 5 countries in the world, including Russia).

However, since 1992 Abkhazia has been in practice a completely independent state, remaining outside any sovereignty of the Georgian authorities.

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