[2017-12-14] Venezuela Now Requires Bitcoin Miners To Register With The Governm.

[ivanpoldark]

Bitcoin mining has exploded in Venezuela due to the country’s massive hyperinflation. Now the Venezuelan government is requiring bitcoin miners to join an online registry.

It seems that the misery of the Venezuelan people knows no end. The South American country’s economy has been hammered by massive hyperinflation due to the policies of the authoritarian government, now headed by President Nicolas Maduro. Many people, both poor and rich, have turned to mining Bitcoin in order to survive. Now a further clampdown is coming as the Venezuelan government is requiring bitcoin miners to join an online registry.

SIGN UP … OR ELSE

The announcement of the new registry was made at a recent press conference by Carlos Vargas, the newly appointed “superintendent of Venezuelan cryptocurrency.” Bitcoin miners will have to start registering with the government on December 22nd when the online registry goes live.

Of the information that the government is looking for, Vargas says:

We want to know who they are, we want to know where they are, we want to know what equipment they are using.

Those in favor of the registry say that it will offer legal protections to bitcoin miners. Currently, the government has been cracking down on miners, such as the recent police raid on December 9th that saw the confiscation of 21 mining computers and the arrest of their 31-year-old owner. The police have charged the bitcoin miner with exchange fraud, computer crimes, damage to the national electric system, financing terrorism, and money laundering. (I’m surprised they didn’t throw in jaywalking while they were at it.)

Read more: http://bitcoinist.com/venezuela-now-requires-bitcoin-miners-register-government/

[iamTom123]

This is what you got when you had leaders in the past that pushed for revolution that only benefited themselves which affected the economy so much that people are now suffering. The present government has nothing new to offer to the people and instead is doing the best they could to stay on power and enjoy the privilege while still in the position. What a very unfortunate country! Now that some found a good alternative way to make some money which actually does not involved the state in the first place and is not harming anyone, the government is using its power to send the message who is the real boss of the country. I am just hoping that the purpose of the registry is to tax mining activities and not slowly kill it.

[Guardian.P]

What did the government do for the miners? in order to require from the miners something? This is some kind of nonsense. I think if at the beginning the government did some kind of services for the miners who were beneficial to the miner, the miner would come to the government

[Taki]

To me this registration means paying taxes from mining earnings, which are going to go in the pockets of Venezuelan politics. Seems like the government is ready to take the last shirt from their citizens to satisfy their own needs. I doubt this is going to be good for anybody. Madura needs to wait for new protests.

[krishnapramod]

We want to know who they are, we want to know where they are, we want to know what equipment they are using, we want to tax them.

So far Bitcoin mining operations weren't put under any legal framework, this registry would be the first, and for what, to allow bitcoin miners to operate with legal protections, to protect miners rights, just an excuse to squeeze taxes, or a more extreme measure like mass confiscation of mining equipments. In the whole article this is only thing that makes some sense.

If I were still in Venezuela, there’s no way I would sign up. If they weren’t protecting miners’ rights without a registry, how can they trust that they would protect their rights with a registry? First they need to publicize what the registry will be used for, because we can’t trust their intentions. López predicts miners will shun the new registry and move further underground.

If the registry is used to subsidize mining costs, provide lower electricity tariffs for bitcoin miners then I guess miners might register and be more transparent about their mining operations and finances including taxes.

Not only Venezuela, Putin had also announced that cryptocurrency miners would need to register with the Russian government in 2018.

[Coffee135]

For me it is very indicative of the fact that you compare the dictatorial regime of Maduro with the Putin regime. You believe in fairy tales about what the state dates back electricity prices for the population? Lol. They sell electricity to the public less because people have no money to pay more. Find out at what price your state sells electricity abroad and you will be surprised. I don't think that you believe that the government are subsidized by other countries.

[Slow death]

The Venezuelan government should be more concerned about keeping its people under control, they (government) already have a structure of people who have money and people who do not have money, this happens in Africa. For example, let's say that in Mozambique (my country) has a political party named X, and this political party named X is in power, that is, that political party is directing the country ... What are the first measures that the political party X does? they take everything, industries, shops, factories of anything, police, army, firemen, schools, colleges, everything. They rule over everything. If an opposition party has money? then this opposition party becomes a great threat to the political party in power and the ruling party uses dirty methods to eliminate the opposition.

This is what the Venezuelan government wants to do (control everything), if these miners belong to the political party of mature, then they will not have problems, but if these miners belong to the opposition party, they will be arrested.