Chechnya Will Launch The Eurasian Crypto Mining Pool

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Eurasian crypto mining pool will be created in Chechnya, as confirmed by the press secretary of the head of the Chechen Republic, Alvi Karimov.

A mining pool in the Chechen Republic will combine the resources of the Eurasian Economic Union countries’ crypto miners.

“The head of Chechnya, Ramzan Kadyrov, and Yuri Pripachkin agreed to establish a Eurasian mining pool in Chechnya,” – representative of the Russian Association of Crypto Industry and Blockchain (Racib), Yuri Pripachkin.

According to the publication in RBC news outlet on 21st September: “The project should unite the resources of the miners from the countries of the Eurasian Economic Union (EAEU): Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan,”

The publication continues to explain that “The pool will be the first step in the implementation of the ‘Crypto Chechnya’ program, which is aimed at developing the region’s economy with the use of blockchain technologies.”

Regulations?

As Pripachkin explained, the mining pool can only start operating “after the adoption of the laws regulating the operation of cryptocurrency in the territory of Russia, […] It is assumed that the relevant bill will be considered by the State Duma in the autumn session,”

The mining pool would significantly boost the local economy, as it is estimated that the tax revenue may increase by as much as 10% in the Republic.

 

Images courtesy of Shutterstock.com

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