On Dec.9, the government announced the Framework Agreement for Inter-institutional Cooperation would specify the electrical charges required for crypto miners to pay to carry out their operations.
The National Superintendent of Crypto Assets (Sunacrip) and the National Electricity Corporation of Venezuela (Corpoelec) have signed an agreement setting out guidelines for improving the development" of bitcoin and other crypto mining activities across the country.
Major Updates
- Venezuelan government bodies are required to set criteria for the granting of Crypto Mining Licenses.
- Crypto miners interested in entering the Comprehensive Mining Registry (RIM) should apply within 60 days via Sunacrip's official website.
- Officials intend to monitor the supply of electricity to Crypto Miners.
The agreement is yet to have a fixed rate for mining operations, as both the Ministry of Electrical Energy and Sunacrip. The contract was signed in Caracas by Minister Néstor Reverol Torres and Superintendent Joselit Ramírez, who plan to assess the crypto mining projects' viability by applying for a license.
Torres clarified that Corpoelec would check whether the projects meet the technical criteria (still to be defined) and whether the locations have the proper climate for mining activities. If they do not do so, Corpoelec shall have the right to deny the license applications.
Crypto miners interested in entering the Comprehensive Mining Registry (RIM) should apply within 60 days via Sunacrip's official website.
The officials also informed that people should expect to see "fair tariffs" for Venezuela's crypto mining sector to improve the service. It is worth mentioning that the country currently provides an unreliable energy supply service, often leading to significant blackouts that could last for days.
However, there is no clarification about whether the related fees would be paid in bolívares (Venezuela's national currency), other fiat currencies, or cryptocurrencies. After the announcement, Superintendent Ramírez made the following comment:
"Duly expressed between Sunacrip and Corpoelec, these parameters will allow digital mining to generate benefits for all. Companies that do not comply with the conditions laid down by the governing bodies; this matter will be violating the law, and corresponding sanctioning measures will be enforced".
What are your thoughts on the crypto mining-friendly policy of the Venezuelan government? Let us know in the comments section below.
