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Abkhazia is drafting a regulatory framework for crypto mining

CEO of Abkhazian state energy company Chernomorenergo Aslan Basaria complained to the country’s president Raul Khadjimba that cryptocurrency miners have jeopardized electric power supply in the unrecognized Caucasian republic.

CEO Chernomorenergo stressed that crypto miners, due to their ever increasing electricity consumption, could eventually take several regions to the brink of power shortage:

“It turns out that we see a risk situation occurring: if it gets colder, we will not be able to supply enough electric energy to the population anymore.”

Aslan Basaria urged the government to develop a regulatory framework for cryptocurrency mining in order to avoid the risk of electric energy misallocation.

The president of Abkhazia Raul Khajimba agreed with Basaria and scheduled a meeting with the Government to proceed with working out a draft law on mining.

Last month, head of the Russian Association of Blockchain and Cryptocurrency (RABAC) Yuri Pripachkin and Abkhazian Minister of Economy Adgur Ardzinba (who had stated in June that Abkhazia should not miss the chance to introduce a national cryptocurrency of its own) signed a memorandum of cooperation aimed to “create a favorable business climate for investors in blockchain projects in the Republic”.