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Ukraine Is Considering To Secern Mining

Feb 05, 2018 Posted /  56820 Views

Ukraine Is Considering To Secern Mining

The head of the committee for informatization and communication in Rada, Olexander Denchenko criticized Ukraine's security officials for cracking down on miners. Reportedly, in a meeting with digital experts, high government officials and business executives the MP favored mining stating that mining is related to calculations only.

Considering figures of mere 3% fall in mining market, Denchenko appealed to Ukraine’s deputy Prime Minister and Minister of Economic Development to set different regulations for mining to which the officials agreed.

Further Denchenko warned to implement the rules soon as figures showed that many Ukranian miners are leaving the country as they faced certain difficulties here and comparatively welcoming attitude and favoring facilities in Canada.  

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As per the sources, in a recent raid to Kiev Oblast and Cherkasy Oblast the police officials seized around 1000 graphics cards, 1500 hard disks, 500 motherboards and a good number of laptops as well. While seizing PJSC Kvazar plant the police captured around 400 mining rigs.

As per the Ukranian Authorities, the mining activities were conducted to finance the Eastern Ukranian parts of Donetsk and Lugansk. The mined currency was stored in Qiwi and Yandex wallets for further transactions.  Officials also found Russian bank details that indicated towards region under pro-Russian forces.

Opposing the circulation of cryptocurrency the Deputy Prosecutor General, Anatoliy Matios said that the virtual currency has been banned in Ukraine and still it is used to buy military equipment for the terrorist groups such as LPR and DPR. He further stated that the intentions of miners behind setting up their farms in Ukraine territory are still not clear as they could have set up their farms in Russia border which could have made it easier to transfer equipment.  

As the talks between the officials of Ukraine are prevailing to legalize crypto mining it is expected to receive the regulations of commencement soon.  Talking about Russia, the legalization of virtual currency has divided the community. But mining is favored by most of the officials including central bank as well.

As per the sources, Rada is working on regulations of two bills for the circulation of cryptos which is pending from October 2017 and no further update has been received in 2018. It is expected that the council will announce benefits for miners such as a cut in price per unit of electricity.

As stated above about Danchenko’s warning about escaping of mining troops to other countries, the countries like Post Soviet and Uzbekistan are trying to attract miners by offering various incentives such as cheap electricity. And Belarus will soon legalize the crypto sector with certain tax-related benefits to mining companies. Certainly legalization of crypto mining is the first step towards lawful circulation of digital currencies.

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Tags: Mining virtual currency crypto miners

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