The head of the Chechen Republic Ramzan Kadyrov and chief Executive officer of the Russian Association of cryptocurrency and blockchain (RAKIB) Yuri Pripachkin has signed an agreement to create a cryptocurrency mining pool on the territory of Chechnya. On the platform you plan to merge the miners living in the countries of the Eurasian economic Union.
Project mining pool is implemented in the framework of the program “Crypto Chechnya”, adopted at the end of August 2018 the government of the Republic. Chechen authorities want to unite the miners from the former Soviet Union on the same platform. Pripachkin promised the miners a reduced Commission and the government of Chechnya, the increase to the budget to 10%. RAKIB also proposes to allow Chinese and Korean cryptocurrency exchanges to open representative offices on the territory of Russia.
Businessman Dmitry Marinichev said that the success of the project is a big question: “Mining pool must possess computational power. To bring on Board a sufficient number of users you need to create a favourable economic and political conditions. The market is already working pool Bitcoin Russia that unites miners from all over Eurasia, so I don’t know who would be interested in a new pool”.
In Russia, the business of cryptocurrency mining has great potential thanks to two major factors: the cool climate and relatively low cost of electricity. However, the development of blockchain industry in our country is hindered by the lack of the legislative base regulating the cryptocurrency industry. The law on digital assets is still under consideration in the State Duma.