Venezuela Legalizes Crypto Mining, With Some Big Restrictions

Venezuela Legalizes Crypto Mining, With Some Big Restrictions

By Abhimanyu Krishnan | News | 24 Sep 2020


Local news outlet Criptonoticias on September 22 reported that the nation had legalized cryptocurrency mining, albeit with several caveats.

  • The regulation comes with several conditions, failing to adhere to these conditions could result in penalties
  • Local individuals or groups wishing to mine cryptocurrency must apply for a license and be listed on a government register
  • Most significantly, all mining will occur through National Digital Mining Pool, which gives authorities an undue amount of control over the mining rewards
  • Miners will have to keep a log their mining activity for 10 years
  • Mining equipment imports and manufacturing will also be monitored by authorities
  • Manufacturers and mining data centers must apply for licenses

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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