The National Superintendency of Crypto Assets (Sunacrip) and the National Electricity Corporation of Venezuela (Corpoelec) signed an agreement to establish guidelines to â€œimprove the developmentâ€ of bitcoin and other crypto mining activities across the country.
Venezuelan Government Bodies Are Expected to Set Guidelines for Granting Crypto Mining Licenses
According to the governmentâ€™s announcement on Dec. 9, the Framework Agreement for Inter-institutional Cooperation will define which electric fees will be required for crypto miners to pay to pursue their activities.
But the agreement is not limited to putting a fixed rate for mining activities, as both the Ministry of Electric Energy and Sunacrip, whose deal was signed in Caracas by Minister NÃ©stor Reverol Torres and Superintendent Joselit RamÃrez, expect to evaluate the feasibility of the crypto mining projects that apply for a license.
Torres explained that Corpoelec will check if the projects meet the technical conditions (still to be defined) and if the locations have the proper environment to pursue mining activities. If they do not, Corpoelec has the right to reject the license applications.
Crypto miners interested in joining the Comprehensive Mining Registry (RIM) should apply within 60 days through the official website of Sunacrip.
Aiming to Regulate Electricity Supply Service Provided to Crypto Miners
The officials also claimed that people should expect to see â€œfair tariffsâ€ for the crypto mining sector in Venezuela to improve the service. It is worth noting that the country currently provides an unstable energy supply service, often leading to massive blackouts that could last entire days.
However, there is no clarity on whether the correspondent fees will be charged in bolÃvares (Venezuelaâ€™s national currency), other fiat currencies, or cryptocurrencies. Superintendent RamÃrez made the following comment after the announcement:
These parameters, duly articulated jointly between Sunacrip and Corpoelec, will allow digital mining to generate benefits for all. The companies that do not comply with the requirements established by the governing bodies in the matter will be outside the law, and the corresponding sanctioning measures will be applied.
This announcement came after news.Bitcoin.com reported about the Venezuelan ArmyÂ inauguratingÂ a cryptocurrency mining center on Nov. 30, with bitcoin mining equipment to generate â€œunblockable incomeâ€ in the midst of the U.S. sanctions.