The de facto state of Abkhazia on its fight against crypto mining has introduced some regulatory measures, with the president recently announcing measures to lift the nation’s existing ban.
In line with Finanz.ru, Aslan Bzhania added that the government is planning to introduce “the most optimal mechanism” to manage crypto mining activities, instead of maintaining the state’s present prohibition on blockchain-related activities.
Earlier within this week, Ruslan Kvarchia, director of operational & technological management of the state’s official energy firm, pointed to cryptocurrency mining as a serious driver behind the present energy crisis affecting Abkhazia.
While commenting, Bzhania added that:
“Now we are working on accounting & identifying the points where these mines are installed, it’ll not be possible to cover anything. A government decree is being prepared, that can outline the foremost optimal mechanisms to manage this process. We’ll not prohibit it [mining], the state will regulate it properly. This is also the primary stage in solving power issues.”
Bzhania added that “it’s tough,” when asked how he plans to bring the nation’s power consumption levels back to normal levels. He added that even with the right framework, it’ll likely take up to 6 months to solve the crisis.
As reported earlier in July, Abkhazia had witnessed a surge in cryptocurrency mining activities earlier this year, despite cryptocurrency-related activities being illicit since 2018. Customs have reported that mining hardware worth over $589k has crossed the nation’s border over the past 6 months.