Venezuelan Regulators Introduce Mandate to Regulate Bitcoin and Crypto Mining
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Venezuelan Regulators Introduce Mandate to Regulate Bitcoin and Crypto Mining

September 24, 2020      Vandana Malik

Venezuelan regulators have just introduced a mandate in order to regulate Bitcoin and crypto mining. It is revealed that these new rules are published in the official gazette of Venezuela. With this mandate, crypto mining has been legalized in the country which was not allowed before. However, it is mentioned that any person who wishes to mine Bitcoin or any other crypto will have to first obtain a license from SUNACRIP. SUNACRIP is a national superintendency of crypto assets and other such activities.

Venezuelan Regulators Want Miners to Give Complete Information 

It was mentioned in the announcement that a Comprehensive Registry of Miners will be created that will help to keep the record of the data. According to these new laws, Venezuelan regulators want individual miners to give complete information including the activity, equipment and other related information. It is also revealed that all those large mining farms will be uniting the miners together in order to obtain a license. The country is also aiming to create a National Digital Mining Pool and with this the miners will also unite for profit sharing. SUNACRIP will be offering incentives to all those miners who will join this pool. However, a penalty will be imposed on those who do not join the pool.

Crypto Community Seems Concerned With New Regulations

It has been seen that these new rules by the Venezuelan regulators have raised several concerns among the crypto community. They are now worried because Bitcoin mining will go in the hands of a central authority. Hence, it completely ruins the idea of a decentralized ecosystem. Even though the regulations are quite strict, it is believed that the regulators will not be able to fully control the mining activity across the country. This is because it won’t be possible to track each and every mining activity that will take place across the country.

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#Comprehensive Registry of Miners #Miners to Give Complete Information #National Digital Mining Pool #Regulate Bitcoin and Crypto Mining #SUNACRIP #Venezuelan Regulators
Vandana Malik
Vandana Malik

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.