Finance minister on crypto ban

The decision to temporarily ban all mining of cryptocurrencies until further notice was the right step to take due to the current energy crisis in our country, said Kosovo’s finance minister, Hekuran Murati.

In addition, Murati said that this decision became necessary seeing that the profit of some individuals is being subsidized while regular citizens get drained.
 
“It would be very unfair if us – the government – subsidize the profit of a few while causing others a burden. This is why it became necessary for us to make this decision, which temporarily limits the mining or production of cryptocurrencies so that we can ultimately save our citizens more money – the reason being that as some profit, the cost of taxpayers or their burden increases. This was ultimately the reason why we made this decision” – he said.
 
During the week, the government of Kosovo announced that all competent institutions would be committed to banning the production of all cryptocurrencies, because the hardware used in their ‘mining’ i.e., production, requires high energy consumption.
 
For years now, Kosovo has been reporting instances of electricity misuse in the northern region of Mitrovica, where crypto mining has been spreading exponentially.
 
In four of the Serb-majority communes, Leposavic, Zvecan, Zubin Potok, and Northern Mitrovica, citizens are exempt from making payments towards their electricity bills, which is covered by the Kosovar government due to an agreement signed after the Kosovo War.
 
Various experts of cryptocurrencies have harshly criticized the government’s decision to ban crypto-mining, even though Kosovo’s taxpayers are the ones, who have to pay for the electricity used in the process of mining cryptos.