The de facto state of Abkhazia stopped the fight against crypto mining, taking into account the recently presented state measures on the termination of national current prohibition.
According to local media outlet Finanz.ru, Aslan Bzhania mentioned that the government plans to implement “the most optimal mechanism” for crypto mining regulation instead for prohibiting blockchain-related activities.
Earlier, Ruslan Kvarchia, director of operational and technological management of the state’s official energy firm, mentioned that crypto mining as a major element of the
Bzhania said the following:
“Now we are working on accounting and identifying the points where these mines are installed, it will not be possible to hide anything. (…) A government decree is being prepared, which will outline the most optimal mechanisms to regulate this process. We will not prohibit it [mining], the state will regulate it properly. This is also the first stage in solving energy problems.”
He added that even with the proper legislation it might take around half a year to solve this issue.
Abkhazia had encountered the growth of crypto mining activities in 2020, despite crypto-related activities ban since 2018. Customs have reported that mining hardware worth over $589,000 has arrived to country over past half a year.