The Ministry of Economy of Abkhazia has prepared a draft law on the regulation of activities in the field of mining cryptocurrencies. It is reported by Sputnik Abkhazia.

The draft law defines legal, economic and organizational-technical rules for the implementation of mining activities in the republic.

“The project provides for registration as a legal entity or an individual entrepreneur, registration with the tax authorities as a taxpayer and obtaining a license to carry out mining activities in cryptocurrency,” the press service of the department informed

The bill specifies the introduction of temporary restrictions on the use of the capacity of the power systems of Abkhazia for the extraction of cryptocurrency in the event of a crisis.

It is reported that the document has already been agreed and sent to the local cabinet.

In December last year, the authorities banned mining activities.

This decision was due to the "need for priority provision of power supply to the population of Abkhazia, social and industrial facilities in conditions of limited resources of the power system."

Recall that in February 2018, mining cryptocurrency legalized in Transnistria.

Subscribe to BlockchainJournal on YouTube !