Despite the ban, the Republic also permits the manufacture of crypto-mining machinery. While crypto mining activity has been illegal since 2018, the Republic of Abkhazia is experiencing an increase in crypto mining activity. Customs estimates that $589,000 have reached the border over the last six months for mining equipment. The importation of crypto mining plants is lawfully allowed according to the Nuzhnaya Gazeta. Taxes equal to 1 per cent of the volume and 10 per cent of VAT are charged by distributors. The relatively unappreciated Southern Caucasus, which many countries recognize as the “autonomous region” of the world, has reported that since the beginning of 2020, it has raised over $84,100 in cryptocurrency mining plant import tariffs.
Catching Illegal Crypto Miners
The head of the National Customs Committee, Guram Inapshba, has confirmed that it requires imports in order to ‘hunt’ illicit crypto-miners.
Inapshba clarifies that no foreigners conduct or finance crypto-mining operations within the region, but he says that there are “several tens of Abkhazian people” involved in the imports.
In December 2018, all crypto mining operations were banned in some countries, citing a failure to provide electricity in the region. They also emphasized such a need to supply Abkhazians with “priority oil. 315 Bitcoin ( BTC) mining presses developed by Bitmain have been recently confiscated by the Bolivarian National Guard in Puerto Ordaz, Venezuela. The owners of both the mining operations were instructed not to own and run the equipment.
Crypto Mining Criteria Mind
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Apshba makes it quite clear that in that region there seem to be no immigrants operating or funding crypto-mining operations but states that the “few dozen residents” of Abkhazia take part in the customs.