Republic of Abkhazia Issues Ban On Cryptocurrency Mining


The largely unrecognized government of the Republic of Abkhazia has recently issued an immediate ban on cryptocurrency mining, warning those who disobey will be hunted down.

Reaching a population totaling up to 240,000, recognized as an independent state by Russia and other nations, even with the United Nations considered it to be a part of the Central part of Asian nation of Georgia.

Georgia has been noted to be one of Eurasia’s most important miners, as its home to some of the largest state-run mining centers, operating in conjunction with companies such as BitFury. Abkhazia residents are quite keen with crypto as their neighbors, with plenty of minders taking advantage of the republics low energy prices.

Power Outage

Although, Abkhazian power providers have stated earlier this month that “transmission lines and substations are loaded to capacity” as cryptocurrency mining operations in the region continue to raise their stakes.

With winter temperatures declining, fears of nationwide blackouts have begun to appear and the government has been placed in a position to act. Apsnypress, the state’s news of Abkhazia, has stated that the government has passed a new mining law, effective immediately. This legislation allows the republic’s state-run energy provider, the security services and the Ministry of the Interior to search and shut down farms that do not stop their operations immediately, bring both companies and individuals to justice.

The government has stated that these implemented measures are “temporary,” and may be repealed once providers have given their consent. Power companies have also been banned from allowing cryptocurrency mining ventures to purchase electricity generated at the hydroelectric plants.

Furthermore, the republic has been said that it shall continue to press forwards with cryptocurrency and mining-related legislation, recognizing an urgent need to provide a legal framework for regulations.

 


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Keith Wang

Keith Wang is a writer and programmer specializing in bitcoin and blockchain technology. Keith has been a long time believer of bitcoin and blockchain technology and spends his free time following up with blockchain news. You can contact Keith at keith@cryptomenow.com

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