• Mon. Apr 22nd, 2024

Abkhazia becomes second country to block cryptocurrencies

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Oct 11, 2021

Over the past decade, cryptocurrencies have managed to dominate every single conversation about investments. Regardless of how experienced an investor is or what they invest in, the conversation eventually moves onto cryptocurrencies and if they should invest in those. And throughout the popularity that it has gained over the years, even more people are looking to try their hand at cryptocurrencies.

One of the major ways that the crypto economy moves about is through mining. While people always buy the coins they want from an exchange, most will go the other route and mine it instead. And since mining is no simple task, most people find it more convenient to just buy coins instead. Regardless, miners play a major part in keeping the crypto market.

But despite their importance to the international market, more and more countries are moving to shut down crypto miners. And joining the list of countries that are standing in the way of cryptocurrencies is abkhazia, as the country has recently taken a hard approach against cryptocurrencies as a whole. And to start off their campaign they have decided to take a hard approach against crypto miners, who are an important part of the market.

China was obviously the first country to launch a campaign against cryptocurrencies, and they also have the hardest. While Abkhazia has yet to ban trading cryptocurrency or make the crypto companies inside its country illegal, they are not far off from doing that. Instead, China has been taking such a lard line approach towards banning and restricting cryptocurrencies.

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The media watchdog within Abkhazia has taken to banning certain websites that various miners within the country use for their operations. The State Committee for Communications made an official order where they have banned various websites that miners use often. According to the order, these websites will remain inoperable until March of 2022. Of course, people might hold out hope that this will stop then.

However, history has shown that the government might not be willing to let go of such an issue. The current order is an extension of a previous one that expired in June of this year. But instead of allowing the order to die down, the government renewed it and now the country is back on the same track.

Despite the current state of the country, the citizens are still very optimistic about the state of cryptocurrency. They believe that the government will keep their aggressive stance on mining, but will allow people to still trade cryptocurrencies and crypto companies to still flourish. All in all, the future of cryptocurrencies it still looking very good.

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