Venezuela to unite miners in a ‘national pool’

Venezuela’s authorities have legalized mining, obliging miners to obtain a licence and join the ‘national pool’. The official statement published in the Gaceta.

The regulatory body will be the National Committee for Digital Assets (SUNACRIP). It will issue operating permits and offer various incentives, including tax benefits.

‘If Venezuelan miners do not join the national pool, they face penalties,’ the statement said.

The document grants the right, for 10 years, to mine cryptocurrency, to manufacture mining equipment, and to build mining farms. Companies and individuals will be required to report their results to the authorities.

‘The coalition of miners agrees to share the block reward in proportion to hashrate,’ SUNACRIP noted.

The new regulation does not specify whether the government of Venezuela can block crypto assets mined in the ‘national pool’. Nor are penalties for violators specified.

Earlier, the authorities of Venezuela want to create a separate registry of citizens who will be able to pay taxes in the national digital currency El Petro.

Earlier reports found that on the country’s migration service site, Bitcoin was listed as the sole payment method for passport processing. The information subsequently disappeared from the portal.

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