By Lucas Williams
Technology came in handy during a recent raid by Ukrainian law enforcement agencies to seize an illegal crypto mining farm. According to the report a local power provider was asked to supply electricity for the mining process. The statement published by The Security Service of Ukraine said that incident took place in Vinnytsia southwest of Kyiv, where a room was – occupied by the miner within the premises of the local grid station. It could have left the entire Vinnytsia without electricity, the report concluded.
The details of the incident revealed that during the raid 5,000 units of hardware were discovered, including “50 CPUs (central processing units), 3,800 PlayStations, 500 GPUs (graphic processing units)” Apart from these, authorities also collected phone and flash devices, documents and notepads were also taken in custody. Further investigations are underway to find the culprits in this specific incident. Law enforcement agencies have also included the staff of the electricity provider, Vinnytsiaoblenergo in their investigation.
It is not the first time when forces shut down the illegal mining of crypto assets. Authorities said that they had conducted multiple operations against the illegal use of digital assets. The same incident occurred Earlier in June, when security forces shut down another gird station in Dnipropetrovsk Oblast, due to the explicit use of crypto mining.
As of today, Ukraine has not legalized cryptocurrency. Ukraine is a leading force in Europe in terms of empowering the crypto trade. However, the authorities in Ukraine are still brainstorming over the befitting rule and regulations for the well-monitored growth of crypto trading.
Ukrainian authorities might seem slow-paced in terms of finalizing the regulations, but they are keenly working on it. Previously digital committee of parliament presented the bill “On Virtual Assets.” The bill will be finalized by the parliament this summer. But the financial provisions of the bill have been rejected by the National Bank of Ukraine. Bank representatives demanded further improvements.
For the secure and transparent Crypto future in the country, The Central Bank of Ukraine, developing Ukrainian hryvnia-backed digital currency backed by the country’s financial bank. The rampant popularity of crypto trading in Ukraine comes with great responsibility. The future of the crypto market in Ukraine will be secure or chaotic? It is one of the most demanding questions asked by many Ukrainians from their authorities.
The country’s officials are striving forward to ensure that country must comply with FATF’s rules and regulations regarding the financial conduct of authority. Financial transparency and crypt trading under a controlled environment is a win-win situation for both; country and those individuals willing to invest in the crypto market. It seems that country is looking to ensure transparency, and it will keep shutting down any illegal activity.