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Crypto adoption grows in South America with Venezuelan´miners regulation

By Inkarias - 2020-12-12

After the increase in the rate of use of crypto-currencies within South America and more particularly Venezuela, the entities Sunacrip (National Superintendency of Crypto Assets) and Corpoelec (National Electricity Corporation of Venezuela) have just signed a very recently an important agreement stipulating an official framework to support more simply the development of crypto-currencies within the country. In addition, this new regulation is particularly aimed at minors with specialized equipment and who generate a frequent income. With the ongoing economic crisis in the country, digital currencies have for some time been the new El Dorado for earning a salary and supporting the costs of living and are increasingly popular in this region.

An official framework stated from government

Following the official announcement two days ago on Dec. 9, miners will be required to pay a specified electric fee in order to be able to continue the activity legally. These new costs for those concerned will be the subject of reflection in order to define an equitable threshold to guarantee a certain accessibility for all while improving the experience and performance for miners in a country where blackouts often occur during few days. Minister Néstor Reverol Torres shared that: 

Corpoelec will check if the projects meet the technical conditions (still to be defined) and if the locations have the proper environment to pursue mining activities. If they do not, Corpoelec has the right to reject the license applications. 

Miners wishing to continue or develop their mining activities should send a request within 60 days through the official website of Sunacrip in order to join the RIM, also called the Comprehensive Mining Registry. However, there are currently no available and accurate information or details on how this fee will be collected from the miners and can be either counted in bolivares, crypto, or other fiat currencies widely used across the world.