Indonesian Police to Close 10 Bitcoin Mining Operations
The law enforcement agency of Indonesia recently confiscated 1134 Bitcoin machines. The police force noted that the ATMs perpetrated theft of $1 million worth of power in the form of electricity supply. As per the local media reports, the police have shut down 10 Bitcoin mining projects.
At the same time, the law enforcement agency charged the firm with running the operation by stealing electricity supply. The police force of North Sumatra reported the details regarding the seizure recently.
As per the official reports, officials have collected 1134 Bitcoin mining devices in addition to 11 meters of cable and machine units. Irjen Agung Setya Imam Effendi, the head of the Police department, suspects that the mining operators tampered with electric circuits that were powering Bitcoin mining operators.
During the media briefing, he showed a PLN box noting that the electricity reading continued to fluctuate based on the meter reading.
Crackdown on Illegal Mining Firms
The losses generated from the illegal mining operations were estimated to be around 14.4 Indonesian rupiahs. Recently, a Chinese government official was sent to prison for life on account of providing electricity to Bitcoin miners in an illegal manner.
Yi Xiao is currently serving a life sentence according to the ruling of Hangzhou Intermediate People’s Court. The court found him guilty of operating a 2.4 billion Yuan or $3.2 million Bitcoin mining operation under the title Jiumu Group Genesis Technology from 2017 to 2021.
Xiao has acquired around 160K Bitcoin miners working in tandem with corporate executives. He has also found guilty of stealing 10% of Fuzhou’s entire electricity supply. Regulators and law enforcement agencies are cracking down on illegal cryptocurrency operations around the globe.
In Nigeria, Rume Ophi a crypto analyst recently explained that the removal of cryptocurrency by Central Bank will lead to an increase and development of the Web 3.0 and crypto industry.
Nigerian Regulators Introduce New Crypto Licensing Policies
The Central Bank of Nigeria or CBN recently lifted the ban on the cryptocurrency industry after two years. However, the Nigerian SEC has introduced licensing policies for virtual asset services providers or VASPs.
On this account, the crypto stakeholders in the nation have concerns that regardless of the ban lifting, SEC’s stringent policies can lead to a decline in cryptocurrency trading and transactions. Ophi claimed that exchange platforms cannot continue operations on account of minimum paid-up capital requirements valued in 500 million naira or $556,620.
New Policies Will Discourage Local Exchanges
He also worries that the licensing policies will discourage local exchanges from becoming registered entities. On the other hand, it can be more favorable for foreign trading platforms to establish operations. Nigerian SEC published a 54-page policy document on 22nd May regarding new issuance rules, platform offerings, and digital currency custodial services.
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