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Abkhazia Government Mulling Over Removing Cryptocurrency Mining Ban

The president of Abkhazia recently declared measures to remove the present ban on cryptocurrencies and digital assets in the nation.

As per a post published by Finanz.ru, Aslan Bzhania mentioned that his government is mulling over introducing the most optimal system to regulate digital asset mining and might remove present proscription on blockchain-related goings-on laden by the state.

The director of operational and technological management of the country’s official energy establishment, Ruslan Kvarchia, recently emphasized on cryptocurrency mining as a key driver behind the present energy predicament distressing Abkhazia.

Bzhania mentioned:

“Now we are working on accounting and identifying the points where these mines are installed, it will not be possible to hide anything. (…) A government decree is being prepared, which will outline the most optimal mechanisms to regulate this process. We will not prohibit it [mining], the state will regulate it properly. This is also the first stage in solving energy problems.”

When asked how he plans to bring the power system of the nation back to normal levels, he commented that it is not easy. He further mentioned that even with the appropriate outline, it will probably take around 6 months to resolve the disaster.

Notably, Abkhazia had observed a gush in virtual currency mining activities in this year, notwithstanding the illegitimate status of cryptocurrency-focused actions in the nation.

What do you think about the positive developments surrounding the crypto activities in Abkhazia? Let us know in the comments below!

Image by Peggy und Marco Lachmann-Anke from Pixabay