In Chechnya will be an international mining pool

Chechen authorities announced the discovery of Eurasian mining pool in the framework of the project “Crypto Chechnya”, which will bring together participants of the mining market of the EAEU will allow to refuse Commission payments to foreign intermediaries.


Press Secretary of the head of Chechnya, Alvi Karimov confirmed plans to launch the pool and announced the conclusion of agreements on the implementation of initiatives with the Russian Association of kryptonyte and blockchain (RAKIB). Reportedly, the mining pool would be the initial phase of the program “Crypto Chechnya” aimed at the development of the digital economy of the Republic with the technology of the blockchain.

The official registration of the mining-pool within the legal framework of the Eurasian economic Union will allow to refuse Commission payments to foreign intermediaries, the size of which equals 3-5% of mined coins to the pool. Estimated RAKIB, running on the territory of Chechnya mining pool will increase revenues of the budget of the Republic for 10%.

The pool will be based on the regulatory sandbox the Bank of Russia. Further implementation of the program “Crypto Chechnya” and start a full-fledged cryptocurrency cluster will be possible only after the adoption in Russia of laws governing cryptocurrency activity and turnover of digital currencies in Russia. It is expected that the bill will be considered by the State Duma this fall.

Recall that the center of the blockchain competences and digital transformation of the Bank, in cooperation with the Chechen authorities, develops from 2 of the pilot project based on the blockchain: for the automation of payments for housing and communal services and optimize the management of municipal property.

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