South Korea to curtail importing crypto mining chips
South Korea limits the import of foreign-made mining chips in the country post excessive imports getting in the country.
As per the Korean Customs Service (KCS), the cryptocurrency mining chips are one of the items added in the list of products that should meet the particular legal requirement for import, such as safety and sanitation certificates.
This announcement came after the border control agency saw a notable increase in the number of cryptocurrency miner equipment imported in South Korea.
For instance, in November and December 2017 alone, KCS marked imports of 454 mining chips at an estimated value of 1.3 billion Korean won ($1.2 million) said the report.
The excessive use of these mining equipments has led to significant increase in electricity consumption and risks of fire incidents, due to the cramped working environment.
As a result, the report suggests that the agency will look at the safety issues related to the imported products. Issues of existing radio legislation and safety requirements of electronic goods put by the National Radio Research Agency – a government body responsible for forming necessary regulations in the field.
There is increased technical scrutiny in the public and private sectors in South Korea as well and have gone ahead to halt the alleged all the illegal mining activities, especially in the public spaces over high concerns of electricity.
There have been incidents in the past where people tried to use cheap electricity provided at industrial rates and got arrested by the South Korea Police.
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