Illegal cryptocurrency mining is booming in the Republic of Abkhazia

Cryptocurrency mining activities are increasing in the Republic of AbkhaziaDespite the fact that cryptocurrency-related activities have been illegal since 2018. Customs has reported that mining hardware worth over $ 589,000 has crossed the border in the past six months.

According to Nuzhnaya Gazeta, the import of cryptocurrency mining rigs is still legal. Importers have to pay taxes equal to 1% of the value of the equipment and a VAT of 10%..

The South Caucasus state, which is largely unrecognized by several countries and regarded as the “autonomous republic” of Georgia, claims this has earned more than $ 84,100 in taxes since importing cryptocurrency mining rigs in early 2020.

Catch illegal crypto miners

Illegal cryptocurrency mining is booming in the Republic of Abkhazia
Illegal cryptocurrency mining is booming in the Republic of Abkhazia

Guram Inapshba, head of the National Customs Committee, said this Allow imports to “hunt” illegal crypto miners.

Inapshba makes it clear that there are no foreigners in the country who manage or fund crypto mining activities, but says so Abkhazia’s “several dozen citizens” are involved in the imports.

In December 2018 The government banned all mining activities related to cryptocurrency because there was no capacity in the country’s electricity system. He also highlighted the need to “provide energy to the Abkhazian population as a priority”.

Recently, the The Bolivarian National Guard at Puerto Ordaz, Venezuela, seized 315 Bitcoin Mining Machines (BTC) made by Bitmain. The owners of the mining equipment were informed that they did not have the necessary permits to own and operate the machinery.

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