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Crypto

Russian Cybercrime Surged 25x in 5 Years, Says Local AG

Russia’s top government lawyer laments and warns of the country’s burgeoning rate of cyber-crime. Records indicate that the nation had been seeing twenty-five times more virtual crimes over the last few years. The lawyer acknowledged this fact and other relevant topics in an official gathering held earlier this month according to the event records. As technology spreads over more and more minutiae of an average person’s daily life and connects every dot of commerce and capitals, cyber-crime has evolved simultaneously and has become a significant threat to many big nations.

Lower rate of Resolutions:

Matters become worse as with the growing numbers of crimes recorded, the rate of resolving such crimes is decreasing further down. These different tracks have widened the number of pending cases, and thus many victims remain hopelessly waiting for their matters to get sorted out. Their resources are returned. Aside from necessary stealing, cyber-crimes are being committed in even more distressing arenas such as terrorism funding, cocaine, and other substance abuse smuggling and commercial data-tampering. Authorities advise updating the existing outdated modes of tracking virtual illegalities while investing in more robust and self-serving technologies that would fine-tune the department’s approach in rooting out such corruption.

How Does Crypto-Currency Fit into this?

The same benefits and qualities of crypto-currency that had revolutionized the financial industry and trading have now become the bane authorities cautioned it would. Due to the universal nature of the currency, high-level security and anonymity, and lack of regulation by a governing body, crypto-currency has become a favorite among cyber-criminals to conduct their illegal businesses. To think crypto-currency, in one avenue, is helping struggling workers to break the glass ceiling and enjoy a life that they could never get otherwise is simultaneous, in another aspect, is the cause of heinous crimes such as terrorism and human trafficking. One’s heart sinks, and the mind boggles.

Even though many, in Russia, have tried to become stringent in such grave matters and decided to move the judiciary to deal with crypto-currencies with a more laborious hand, their caution has not been mirrored in court decisions as they remain unclear and undetermined. Crypto-currency may have to witness a battle for its soul as the country decides what to do on the matter. While completely wiping its existence isn’t ideal, certain well-designed restrictions may be worth some small sacrifices by the crypto-currency economy.

Crypto

Iran Issues New Bitcoin Mining Licenses, Cuts Power Tariff

The Islamic republic will support the cryptocurrency operations on registration with the authorities.

Tehran based Mehr news-agency has reported that Iran has issued permits for fourteen cryptocurrency mining farms. The capacity of each of these farms is around 300 megawatts. The decision is also to remove electricity tariffs by 47% to support these authorized centers.

Since July of 2019, Cryptocurrency mining has been an authorized activity in the Islamic Republic of Iran. The country’s Ministry of Industry, Mine, and trade has already issued more than one thousand licenses to these crypto miners. But, all such farms are not in operation currently. In May 2020, Iran licensed iMiner, a bitcoin enterprise of 7.3 million dollars. Reports tell that iMiner has its crypto mining operations established in the Seaman Province of Iran with around six thousand ASIC miners.

Just like other major Iranian cities, Tehran has a bustling subculture of cryptocurrency and blockchain enthusiasts. Many formal organizations, like the Iranian Blockchain Association, exists along with informal groups of lobbyists, students, researchers, and enthusiasts to develop the culture. These active groups meet regularly in local hubs, host podcasts, and operate committed websites. Discussions on the latest technology, tips and warnings about scams, and debating on the virtues is a major part of these meets. Some reports from 2019 also revealed mining operations being set up in mosques.

Nonetheless, Iran is continuously trying to combat several miners who are smuggling their equipment into the country. The deputy head of Iran’s power generation, distribution, and transmission company (Tavanir), Mostafa Rajabi Mashhadi, revealed that the Iranian government has found more than one thousand active illegal cryptocurrency mining farms across the nation.

Miners from all over the world are converging in Iran, because of the highly subsidized electricity rates. Reports and statistics reveal that mining farms in Iran are paying only around $0.01 to $0.05 per KiloWatt-Hour of electricity. However, from June to September, which is the peak summer season, the electricity rates rise by four times. Now, with the above crypto mining-supported decision, the distribution and transmission company will cut the electricity tariffs up to 47% for miners even in the peak summer season.

Mostafa Rajabi also told that this tariff cut aims to provide support to legal mining farms in the peak seasons and for availing incentives, the miners can participate in Tavanir’s recent efficiency plans. An example can be the ongoing projects to replace one million old gas-powered Air Conditioners with energy-efficient ones.

However, the decision comes with a piece of bad news for miners. It says that all the cryptocurrency miners will have to make registrations with the government. Eshaq Jahangiri Kouhshahi, the Iranian Vice-President, announced that miners will have to disclose their identity with the ministry of Industry, Mine and Trade along with the size of their mining farms, and also the type of equipment they are currently using.

Another noticing point is that mining is not the only Crypto activity in Iran and their president is interested in considering a Muslim Cryptocurrency to loosen the United State’s grip on global financial structure.