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All Bitcoin miners in the country will be required to sign up. The register is the first step in the developing a full legal framework for taxation and regulation of cryptocurrency mining in the country. Supporters of the decision argue that it will protect the miners of cryptocurrency in the country.
At a recent press conference, the newly appointed superintendent of the Venezuelan cryptocurrency, Carlos Vargas, said that the government is setting up a register to more accurately identify and monitor Bitcoin mining.
Cryptocurrency mining has gained popularity in Venezuela over the past few months, as it provides paid work for both the poor and the rich Venezuelans, who suffered as a result of the ongoing financial crisis in the country, which is characterized by widespread hyperinflation.
Although in Venezuela, the production of cryptocurrencies is technically illegal, local police have been arresting miners since early 2016, accusing them of stealing electricity, exchanging fraud, cybercrime and financing of terrorism. Extortion is also a serious problem for the police - they will sometimes ask miners to pay protection money in exchange for lifting their fees.
Most recently, during a raid in Lara on December 9, police confiscated 21 mining towers and arrested a 31-year-old who owned them. The miner was charged with computer crimes, exchanging fraud, financing terrorism, damaging the national electric system and money laundering.
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