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Malaysian authorities have used a steamroller to crush over a thousand cryptocurrency mining rigs. According to the local news outlet, Dayak Daily, the action comes after the electric utility company in the province of Sarawak accused the mining operators of stealing electricity for their activities.
Authorities arrested six suspects, accusing them of stealing approximately $2 million in energy.
The local police chief of Sarawak says mining operations are becoming rampant in the city, and three houses have burned down as a result of illegal electric connections.
Global regulators are watching
Reuters reported in an exclusive that Japan’s Financial Services Agency had established a specialist cryptocurrency unit.
“Japan can no longer leave things unattended with global developments over digital currencies moving so rapidly,” one official said.
Japan’s move comes after extensive discussions at the G7 meeting in Cornwall, England, last month. The G7 statement (sections 17 and 18) dealt with CBDC’s but did not mention other cryptocurrencies.
“Innovation in digital money and payments has the potential to bring significant benefits but also raise public policy and regulatory issues,” said the statement.
In October last year, the broader G20 filed a working paper outlining how central bank digital currencies (CBDCs)or ‘stablecoins’ should be regulated.
Elsewhere in the world, Police in Ukraine busted a crypto mining operation earlier this month for allegedly stealing electricity from the country’s power grid.
The Police said they’d seized 5,000 computers and 3,800 games consoles used in the illegal cryptocurrency mine, the largest discovered in the country. The mine was located about three hours away from Kiev.
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