Armenia prepares the bill of legalization of mining

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Armenia prepares the bill of legalization of mining

The people’s assembly of Armenia will consider the bill “About Digital Technologies” offering mechanisms of regulation of mining cryptocurrencies. The author of the document — the deputy of oppositional fraction “Elk” Edmon Marukyan.

The bill enters a mining in the territory of the country into the lawful field: it is allowed to get cryptocurrency to both legal entities, and citizens who have reached 18 without obtaining any additional license.

Besides, it is supposed that until the end of 2023 activities for production of cryptocurrencies will be completely exempted from any kind of taxes.

At the same time, there is an agreement between the Razdan combined heat and power plant and the ECOS-M company on granting the electric power for construction of the 50 MW mining center in the territory of the Free economic zone in Armenia. Potentially the power of the mining center can be increased up to 200 MW.

The mining-center which main advantages are an autonomous source of the electric power, an effective control system and preferential tax terms is at a stage of construction now and will be lanuched in April 2018.

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