11.5 C
May 18, 2021
Image default

The Republic of Abkhazia: the scale of illegal BTC mining is increasing |

Illegal mining of cryptocurrencies is flourishing in the Republic of Abkhazia. And this despite the fact that any such activity related to digital currencies has been illegal there since 2018.

Republic of Abkhazia: illegal mining and smuggling of BTC excavators

Country customs reported however, in the last six months, BTC mining equipment worth more than $ 589,000 has been smuggled across the border of Abkhazia.

Local media add, however, that any 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.

“Hunting” for miners

Guram Inapshba, head of the national customs committee, stated in the media that the authorities had already started “Hunt” on people who import mining equipment illegally.

Inapshba explained that there were no foreigners in the country who were involved in running or financing the mining of cryptocurrencies, but added that the importation involved “Dozens of citizens” Abkhazia.

In December 2018, the government banned all cryptocurrency mining activities, citing power shortages in the national electricity system. He also noted the need to provide “Priority supply of the population of Abkhazia with electricity”.

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

Since 1992, Abkhazia has been in practice an independent state, remaining outside the sovereignty of the Georgian authorities, whose authorities use the name of the Republic of Abkhazia.

It is worth adding that recently the Bolivarian National Guard from Puerto Ordaz, Venezuela took over as many as 315 Bitcoin mining machines (BTC) produced by Bitmain. The owners of the cryptocurrency mines were told that they did not have the necessary permits to own and operate these types of machines.

Related posts

– Bitcoin, cryptocurrencies and blockchain technology.

Aparnna Hajirnis

Tyler Winklevoss: Fed supports bitcoin by printing money |

Aparnna Hajirnis

Pension funds invest in Bitcoin

Aparnna Hajirnis

Leave a Comment