The Republic of Abkhazia is looking forward to building a large cryptocurrency mining farm. The plan was set forward by the President of Abkhazia, Raul Khadjimba in an interview with a news outlet RiaFAN on July 02, 2019.
Khadjimba also said that the nation is facing some difficulties along the way. However, the authorities are trying to legitimize these processes so that they can add some revenue to the budget of the country. The president, Khadjimba also pointed towards the fact that the country already hosts facilities illegally on an individual basis.
Raul Khadjimba also agreed on the remark that it is important and required to “put the whole thing on the state balance.” He further added that the government wants to govern such processes of cryptocurrency mining. Although there are many legislative delays, the president still forecasted that the plan of setting up a mining farm can be implemented sooner than later.
The statements given by Kahdjimba were supported by the fact that the Ministry of Economics of Abkhazia approved a bill on the creation of cryptocurrency mining activities. The suggested regulations cover legal, economic, technical and organizational rules. These would be implemented for cryptocurrency mining activities in the Republic of Abkhazia.
The Republic of Abkhazia came up with a law draft on the settlement of cryptocurrency mining activities in the country. The news was reported by one of the state-backed Russian media outlet known as Sputnik. The bill also includes that to carry out crypto mining activities, one would have to register as an entrepreneur or as a legal entity. Moreover, one would also have to register with the revenue authorities as a taxpayer to obtain a license for crypto mining activities.
The Republic of Abkhazia is a de facto and partially recognized country. Abkhazia has always worked on increasing its legitimacy and volume in international trade. Earlier in December 2017, the country was also planning to launch its own cryptocurrency. The reason behind this was to boost international investment and depleting the doubts of investors.
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