Venezuela Has Legalized Crypto Mining

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According to the Venezuelan news publication, Criptonoticias, crypto regulators have finally legalized crypto mining.

 

The new decree published this last Monday gives the miners the freedom to do their thing, but it also imposes that they register on a nationwide government-regulated pool. This means that all crypto miners must provide authorities the information regarding its operations and mining records for the next ten years. Consequently, those who would refuse would be implemented with a hefty penalty.

 

Mining equipment manufacturers and information centers, on the other hand, will need to apply for a special license. Like the miners, their operations – manufacturing and importing – would also be supervised by the Venezuelan government.

 

Centralizing all crypto mining operations the way Venezuela wants it to be, means that its government would have full control over the income garnered within the national pool’s mining rewards. Not only that, but they would also be the ones responsible for compensating its contributors.

 

Venezuelan crypto miners have understandably developed mixed feelings regarding this new development. They believe that this new decree is giving the authorities too much power. Not only that, but miners also see the method of disclosing their activities and income as a bad idea. This is because publicizing such information can potentially attract more criminals or even spark corruption.

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