Venezuela now has certified Bitcoin mining in accordance with the latest directive issued by the National Commission for Crypto Assets and Related Activities (Sunacrip). In accordance with the new regulations, entities and individuals interested in mining Bitcoin and other cryptocurrencies are required to legally. Apply for permission from the said agency
As far as I know, these regulations will lead to the formation of the National Digital Mine Basin (NDMP), which "wants to collect all miners working in Venezuela", meanwhile, a legal document signed by director Joselit Ramirez. Sunacripa did not specify "the cost of obtaining the license".
To ensure miners comply with these new regulations, the regulations set out:
"Regulatory agency for production and import of mining equipment Likewise, it is possible to operate a Bitcoin mining farm and other state-sponsored cryptocurrencies if Sunacrip audits."
Venezuela banned bitcoin mining in "all low-income areas receiving subsidized housing" in June, and authorities said. The Venezuelan army previously seized about 315 ants.
However, due to the regulation that went into effect on Sept. 21, Venezuela now wants to "People who use ASIC devices to mine Bitcoin and other cryptocurrencies" to connect with the NDMP now seem to be no longer concerned with excessive energy use.
Miners operating outside the watershed must comply. "The measures of tort and punishment stated in the regulatory document"
At the same time, it explains that if Venezuelan authorities insist on controlling and managing the NDMP, the government should allocate rewards to miners. This poses a risk to miners, as association operators can freeze or delay payments as needed.
Except for Brazil, this crisis has resulted in the largest Bitcoin transaction volume in the country and remains a significant part of Bitcoin mining.Venezuela has a hash rate of around 0.42%, which is the only Latin American country in the top ten countries to have. The highest concentration of Bitcoin at the University of Cambridge.
As the government has officially begun mining Bitcoin, Venezuela's share may increase in the overall decentralized rate.
What do you think of Venezuela's latest measures to regulate Bitcoin mining? Let us know your thoughts in the comments section below.
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