Cryptocurrency Mining

Abkhazia To Set Up Large Crypto Mining Farms

The Republic of Abkhazia, a de facto and partially recognized country, is reportedly planning to build a major crypto mining farm within the country. This was revealed in an interview of the country’s President, Raul Khadjimba, given to news outlet RiaFAN, published on the 2nd of July, 2019.

When Khadjimba was asked if Abkhazia is still definitely planning the creation of major cryptocurrency mining farms, he said that there were several obstacles to implementing the plan. He said:

“We are trying to legitimize these processes so that they bring some reven ue to the country’s budget.”

The President also emphasized on how Abkhazia already has sev real crypto mining facilities that were set up illegally by individuals.

Khadjimba said that it was indeed very relevant to “put the whole thing on the state balance”. He also added that the government essentially wanted to ensure that the state was responsible for governing such processes.

Even though there would be the possibility of legislative and bureaucratic delays in such a case, Khadjimba felt that it would be a good idea for the state to working on setting up the mining farm soon.

Khadjimba made these statements after news reports surfaced that the Ministry of Economics in Abkhazia had approved a bill for the setting up of crypto mining facilities in the later part of last month. The proposed piece of legislation lays down definitions for legal, economic, technical and organizational regulations to govern the practice of crypto mining in the country.

Clearly, government-regulated crypto mining farms would help ensure a greater level of compliance within the industry and a higher degree of responsibility as well.