Venezuela obliges all miners to connect to the national pool

In parallel with the legalization of mining, the National Administration of Cryptoassets and related activities of Venezuela put forward a number of requirements for all interested.

According to the official decree, in order to legally mine cryptocurrencies in the country, miners must apply for a license and meet certain requirements in order to qualify. After obtaining permission, all individuals and legal entities are required to join the national pool, in which income will be distributed in proportion to the provided computing power.

When preparing documents, citizens also need to indicate what exactly they plan to do in this area, for example, trade, import or operation of equipment. There is a special license for ASIC manufacturers and organizers of mining farms.

Venezuela obliges all miners to connect to the national pool

The text of the document says that the National Office of Cryptoassets can provide various benefits and incentives to attract miners to the national pool, and penalties are provided for mining outside the state cooperative. However, the decree does not specify specific examples of rewards and punishments, nor does it describe the government’s powers to influence payments and distribution of pool revenues..

Despite controversial conditions, legalization will allow local residents to resume mining after a two-month hiatus due to the ban introduced in July..

text: Ivan Malichenko, photo: Haberturk

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