Kuwait Bans Bitcoin Mining Over High Power Use and Legal Violations

The Kuwaiti Ministry of Interior has officially banned Bitcoin mining in the country. The announcement was made in an official statement released on April 22. The Ministry said crypto miners use too much electricity and violate several national laws. Kuwaiti Government Says Bitcoin Mining Not Allowed The government explained that mining cryptocurrencies is not allowed in Kuwait. It said these activities violate the penal code, IT and communication laws, industrial rules, and city regulations. Officials also said that crypto mining puts too much pressure on the country’s power supply, which could cause blackouts in homes, businesses, and important service areas. The government also sees this as a risk to public safety and the smooth running of essential services. The Ministry asked anyone mining crypto to stop immediately or face legal action. Kuwait Officials Unite to Crackdown on Mining Activities This new warning is part of a larger effort by several government offices in the country. These include the Ministry of Interior, the Ministry of Electricity, Water and Renewable Energy, and other regulators. They want to protect Kuwait’s infrastructure and promote responsible electricity use. This new rule follows an earlier decision by the Capital Markets Authority in 2023, which banned all crypto-related activities in the country. Similarly, several countries have banned or restricted crypto mining operations due to various concerns. In 2021, China cracked down on crypto miners because of high energy use and potential financial risks. In countries like Algeria and Morocco, crypto mining is not allowed due to concerns over economic stability. Bolivia has also banned all crypto activities, including mining, as part of its financial policies. Although many countries regulate or encourage crypto mining, these nations have decided to limit or stop the practice altogether. A recent report from the United Nations Office on Drugs and Crime (UNODC) highlighted a new phase of global organized crypto mining crime. The report revealed that bad actors use illegal crypto mining as a “powerful tool” to launder the billions siphoned. Many Countries Takes Different Approaches While Kuwait limits crypto mining, other countries take a different approach. The government runs its mining farms in El Salvador using power from volcanoes. Despite some limitations, Russia has made mining legal and is seeing a rise in local operations. Belarus and Pakistan are considering using extra electricity to mine Bitcoin (BTC) and boost their economies. Meanwhile, in the U.S., the President Donald Trump-led administration is promoting crypto mining as part of its wider digital strategy. Officials are working on laws that support mining, hoping to become a global leader in the industry. The post Kuwait Bans Bitcoin Mining Over High Power Use and Legal Violations appeared first on TheCoinrise.com .

Source: The Coin Rise