Venezuela Passes Law Legalizing Crypto Mining, Forces Miners to Join National...
Reports say Venezuela has now legalized bitcoin mining following the decree recently issued by the National Superintendency of Crypto Assets and Related Activities (Sunacrip). As part of the new regulations, all entities and individuals interested in legally mining bitcoin and other cryptocurrencies must now apply for a license from the agency. According to a report, the decree will result in the creation of a National Digital Mining Pool (NDMP), a body that “seeks to bring together all the miners operating on the Venezuelan territory.” Meanwhile, the decree document, which....
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But there is always a catch when it comes to Maduro’s government. Venezuela's National Superintendency of Crypto Assets and Related Activities, or SUNACRIP, has issued the first decree to officially regulate all crypto mining activities. In order to qualify, miners will need to meet specific requirements.An official announcement was first published in the Gaceta Oficial and signed by the head of the SUNACRIP, Joselit Ramirez. It stated that residents in Venezuela who are interested in mining Bitcoin (BTC) and other cryptocurrencies must request a license and join the so-called "national....
Authorities seized more than 400 Bitcoin miners in Venezuela this weekend in two major confiscations. Local reports indicate military personnel seized 332 miners from a transport truck. In another procedure, authorities seized 72 miners hidden in a house. These activities resulted in the apprehension of four individuals. Mining in Venezuela is perfectly legal, but it requires permits and licenses from Sunacrip. 400+ Miners Seized Authorities in Venezuela seized more than 400 mining machines last weekend in two separate events. In the first, 332 miners were seized at a control checkpoint in....
In economically-ravaged Venezuela, bitcoin has proven to be an important alternative currency, according to an article in Reason Magazine. And because the government supports cheap electricity, bitcoin mining is highly profitable. But while bitcoin mining has helped provide an economic lifeline to much of the country and made miners wealthy, government harassment and violent crime have dogged the country’s mining community. As the country’s economy further disintegrates, bitcoin becomes more widely used as both cash and the national currency have lost much of their value. Bitcoin has more....
Crypto garnered another mention in one of Maduro's bombastic speeches. The President of Venezuela Nicolas Maduro says that the country's government is now looking at diverse cryptocurrencies as a potential way of avoiding sanctions.On Sept. 29, Maduro presented a new bill that intends to help the country overcome the impact of United States’ sanctions. As part of the bill, Venezuela will study the possibility of using various cryptocurrencies in both domestic and foreign trade. Maduro claimed that the new anti-sanctions bill involves both private and state-backed crypto initiatives like....
In Pakistan, a provincial government has passed a draft resolution on December 2, 2020, that demands the federal government to take steps towards legalizing both cryptocurrencies and crypto-mining activities. A Crypto-Friendly Draft Resolution Approval Sets a Precedent in Pakistan The Provincial Assembly (MPA) of Khyber Pakhtunkhwa, one of the four provinces in the country, made the official announcement after holding discussions in the midst of a nationwide dialogue about if the federal government should legalize crypto assets and take it out from the limbo. Dr. Sumera Shams, a member of....