Chechnya Eurasian Crypto Mining Pool to Boost EAEU Nations

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Chechnya Eurasian Crypto Mining Pool to Boost EAEU Nations

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Eurasian Economic Union Countries (EAEU) are to receive some support in their crypto mining activities suggests Ramzan Kadyrov, leader of the Chechnya Republic.

According to the head of state’s press secretary Alvi Karimov, Chechnya has come up with a plan to create a mining pool to support mining in the Eurasian region by pooling resources of regional crypto miners.

Situated in the eastern part of the North Caucasus, partially in Eastern Europe, Chechnya is surrounded on nearly all sides by Russian Federal territory. In the west, it borders North Ossetia and Ingushetia, in the north, Stavropol Krai, in the east, Dagestan, and to the south, Georgia. Its capital is Grozny.

Chechnya is a federal subject of the Republic of Russia, which has once entertained the thought of a crypto-ruble in the past, despite attacking public cryptocurrency adoption. Although Chechen authorities have not outwardly supported cryptocurrency adoption themselves, the government has begun to demonstrate an interest in implementing blockchain and electronic payments systems. In a surprise move earlier this year, President Kadyrov publicly became a private cryptocurrency investor himself after slamming the concept, maintaining:

“Someone who puts money into cryptocurrencies expects their value to increase many fold… Their price grows only at the expense of investors’ greed. Those people are trying to draw in new investors and then get rich thanks to their greed.”

Ten days later the unpredictable Kadyrov bought his first Bitcoin. He said, “I’ve made up my mind to buy a share of bitcoin to follow the evolution of the cryptocurrency,” he further added: “I have already stated that blockchain will be introduced in the Chechen Republic and I am also interested in innovative payment networks.”

Although, the head of state calls for further regulation to protect Chechen citizens from “financial pyramids and other fraudulent schemes,” he wants miners from Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan to unite to create the new pool.

It is likely that President Kadyrov is buoyed by neighboring Russia’s increased mining activity with 400,000 people now employed in the sector. 70,000 enterprises operate hundreds of thousands of mining rigs. Russian money going towards foreign enterprises through crypto mining is also on the increase, a fact that has driven pooling ideas.

As a result, the RACIB has linked up with Crypto Universe Company to develop two mining pools under the project name “Mine Russia”.  Each of the pools is speculated to support 3000 units, mining a range of cryptocurrencies. One of the main aims of the project is to cut back on the amount of Russian money going towards foreign enterprises through crypto mining. The Russian Association of Crypto Industry and Blockchain’s (RACIB) president has vowed that there will be no hidden fees for the transfer of assets or connecting the mining equipment to the pools.

The Chechen pool will jump-start the ‘Crypto Chechnya’ program, which is aimed at developing the region’s economy with the use of blockchain technologies. The government has confirmed that before the mining pool can be launched, the adoption of the laws regulating the operation of cryptocurrency in the territory of Russia needs to be ratified; possibly later this year as a new bill passes through the Russian State Duma.

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