The Abkhazian authorities are planning to completely ban mining cryptocurrency in the country. The bill on this has already been adopted in the first reading by the Abkhazian parliament. In addition, amendments have been made to the criminal code, which provide for a prison term for violating the law.
Such extraordinary measures are related to the difficult situation with electricity in the Republic of Abkhazia, and it is a matter of public interest. We understand that this phenomenon [cryptocurrency mining] must be fought, - said the speaker of parliament Lasha Ashuba.
Interestingly, cryptocurrency mining has been banned in Abkhazia since 2018. However, there was a loophole for miners — they could use electricity generated at private power plants. Since 2020, the authorities have banned the import of mining equipment into the country, citing the heavy load on power grids and energy shortages. Those who violated the rules were issued administrative fines and had their equipment confiscated.
If finally adopted, the new law will be stricter, as it establishes a complete ban on cryptocurrency mining, circulation, use, advertising and import of equipment or its parts into the territory of Abakhazia.
For transporting mining devices, using electrical networks and consuming more than 30 kW/h of electricity for cryptocurrency mining, violators face one to three years of imprisonment with confiscation of equipment.
