Let’s start with the fact that mining is illegal in Venezuela, as the country actively conducts arrests of illegal cryptocurrency miners, who are charged with money laundering, illegal enrichment, and cyber terrorism. Therefore, in this overall context, official registration of miners appears to be a good step to avoid losing property and ending up behind bars.
Mining Registration to Begin in Venezuela
So far, the government of the South American country is offering to undergo an official online registration, in which an unprepared entrepreneur will need to provide personal data and describe the equipment used for cryptocurrency mining. Venezuelan authorities believe that registration is a legal protection for miners, which will safeguard miners and formalize their status.
However, users do not hide their dissatisfaction and do not want to register. Such behavior is not caused by a desire for public exposure but by the potential for enslavement, which is evident in the government’s requirements. For example, American experts have established that declaring the equipment used for mining will allow authorities to calculate citizens’ income and impose individual income taxes.
Naturally, this approach does not suit miners who have purchased expensive “ASIC” devices on credit and want to pay off their debts quickly, rather than give money to a well-thought-out government.
