Venezuela Bans Crypto Mining Equipment Import

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Venezuela, which is known as the cheapest country in the world to mine Bitcoin, has reportedly banned imports computer equipment for cryptocurrency mining.

This is a weird move as the Venezuelan government is very cryptocurrency-friendly country. The country launched their own oil-backed cryptocurrency called Petro as part of efforts to solve its economic crisis.

According to media reports, the Venezuelan government introduced a policy change at the end of April. The new rules restrict computer equipment – GPUs or ASIC miners – from entering the country, according to Block Explorer.

So, there is a bad news for cryptocurrency miners. Reports are suggesting that the National Integrated Service of Customs Administration and Taxes (SENIAT) – which is in charge of customs in Venezuela –has been seizing related devices received by air and sea.

Customers are being notified by shipping companies about the new policy. Companies including Liberty Express and DHL have updated their website pages on restricted products entering Venezuela. The web pages now include mining equipment as restricted products.

Media reports suggest that the policy change has gone into effect on a temporary basis. The Venezuelan government might consider relaxing rules as officials from the National Association of Cryptocurrencies is set to meet with the Superintendence of Cryptoactives and Related Venezuelan Activities next week to address the issue.

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