Venezuela's crypto regulatory body and electricity ministry have signed a legal agreement.
The agreement is to establish electricity tariffs for crypto miners and change the licensing process.
It's unclear whether electricity rates will go up or down.
Venezuela mandated that all Bitcoin and cryptocurrency miners join a national pool. All earnings would be regulated by the state and split among miners.
Now, Venezuela wants to change the electricity rates.
Venezuela's National Superintendency of Crypto Assets and Related Activities (SUNACRIP), the regulatory body for cryptocurrency, and the Ministry of the People's Power for Electric Energy, which sets public electricity policy, yesterday signed a legal agreement to promote and organize crypto mining activity in the nation.
Venezuela's New Bitcoin Law Exposes Miners to US Sanctions
The Venezuelan government's recent decision to regulate Bitcoin mining...
"As instructed by President Nicolas Maduro, we have signed the Inter-institutional Cooperation Framework Agreement to continue with the strengthening of state policies that allow the development of digital crypto mining and the preservation of the electricity supply in Venezuela," said Nestor Reverol on his Instagram account. "We will also establish fair pricing for the industrial mining sector, which will allow the development and improvement of service provision."
Venezuela's crypto regulatory body and electricity ministry have signed a legal agreement. The agreement is to establish electricity tariffs for crypto miners and change the licensing process. It's unclear whether electricity rates will go up or down. Venezuela mandated that all Bitcoin and cryptocurrency miners join a national pool. All earnings would be regulated by the state and split among miners.
Now, Venezuela wants to change the electricity rates.
Venezuela's National Superintendency of Crypto Assets and Related Activities (SUNACRIP), the regulatory body for cryptocurrency, and the Ministry of the People's Power for Electric Energy, which sets public electricity policy, yesterday signed a legal agreement to promote and organize crypto mining activity in the nation.
Venezuela's New Bitcoin Law Exposes Miners to US Sanctions The Venezuelan government's recent decision to regulate Bitcoin mining... "As instructed by President Nicolas Maduro, we have signed the Inter-institutional Cooperation Framework Agreement to continue with the strengthening of state policies that allow the development of digital crypto mining and the preservation of the electricity supply in Venezuela," said Nestor Reverol on his Instagram account. "We will also establish fair pricing for the industrial mining sector, which will allow the development and improvement of service provision."