BREAKING 🔥🔥
VENEZUELA BANS CRYPTO MINING
Venezuela's Ministry of Electricity is imposing a complete ban on cryptocurrency mining, justifying it with the "stabilization of the national energy grid." Ministry officials said the country's energy security is more important than the digital asset mining industry.
The growing mining industry is impacting businesses by having to regularly cut off electricity supply due to overloading and substation accidents. The incidents have been particularly increasing since 2019.
Carabobo state governor Rafael Lacava has urged locals to report mining farm activity "in order to prevent disruptions to the power grid."
The Venezuelan government insists: the ban on mining is part of an anti-corruption campaign that began with the arrest of several high-ranking officials, among them the former head of the national crypto-asset authority, Joselit Ramírez. Venezuela's Attorney General Tarek William Saab alleges that government officials were involved in oil deals that circumvented the law.
