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Transnistria legalizes cryptocurrency and waiting for investors

The Supreme Council of Transnistria has passed a law “On development of information blockchain technologies” thus legalizing cryptocurrency mining in the territory of the republic. The law is to come into force in the near future.

The law was initiated by the president of Transnistria. “We had consultations from people who are well versed in technologies and came to the conclusion that we need a legal basis and technological base. We did so: established the legal basis,” Transnistrian President Vadim Krasnoselsky said.

An explanatory note to the law says it is aimed at developing the “information technologies sector and attracting investments from those involved in the blockchain technologies.”

They in Tiraspol make little secret that they hope for participation of Russian investors, including founder of the Russian Export Company, son of the Russian Prosecutor General, Igor Chaika. Last autumn, he visited Tiraspol during a business forum in Moldova. According to him, Transnistria has all needed conditions for mining: a high-speed internet connection and cheap electricity. “We are waiting for proposals on locations of future mining farms; the ball is in their court,” Chaika said.

Cryptocurrency mining is quite energy-consuming. Krasnoselsky says, electricity for mining farms can be supplied from the Dubăsari hydroelectric power plant and three thermal power plants. To produce energy, they can also use the gas Transnistria has for the transit of the Russian gas via its territory.

“We are an energy-generating nation,” Krasnoselsky says. Until now, Transnistria has not been paying for the consumed gas to Gazprom, so there is a debt of $6 bn that Moscow addresses to Chisinau.

The new law envisages establishment of new free economic zones. Foreign legal entities and individuals involved in cryptocurrency mining can become residents of the free economic zones. Investors are guaranteed tax privileges and duty-free imports of equipment and maximum assistance in energy supply.

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