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News related to Crypto / Re: Venezuela bans crypto mining to protect power grid
« on: May 22, 2024, 11:32:54 PM »So Venezuela has become one of the countries that is banning cryptocurrency mining, along with China and Kazakhstan. And I think we should understand that the reason for this is that Venezuela has a real, big problem with its power supply though it is supposed to be so rich in oil and has been one of the top exporting gas supplier for the world. Due to economic mismanagement, things spiraled to its gloomy situation right now, years after the death of Hugo Chávez. This move by Venezuela can mean opportunity for other Latin countries willing to take mining business into their land.
It seems the country is generating low power and the electricity is nothing to take most home appliances but it's okay if they don't chase them out and Ban bitcoin, they should have allow then stay and then increase tax on them, it's going to be a win win for the country and the miners and the miner that doesn't want comply can just exit without wishing any thing.
The government needs to be considerate sometimes, chasing monitor and investors with when they need more source of tax is crazy. They could have even make it 50:50 so the country will earn more taxex from mining without telling the public.