Complexities keep on arising as far as the sector of digital currency is concerned. Moreover, there is a lot of mistrust within the regulatory bodies of the several nations when it comes to digital currency. It is for this reason that it has become necessary to bring about some major changes in the framework of their own economic systems as well as the way they are treating the virtual currency sector. Some countries are still in a state of confusion as to the steps that have to be taken to see to it that no more hacks are committed whereas there are others that are wondering as to what has to be done to ensure that virtual currency sector affects the economy in a positive manner. A regulatory position is taken by Ephrata, Washington, in which, it has decided to halt the digital currency mining operations.
It is important to note that only the upcoming projects will be impacted by this, the projects that are already existing will not be impacted by this decision in any way. According to the authorities, there are four of these projects, there are two of these projects at the port of Ephrata, one of these projects is in the industrial region, one of these is in the residential region. All of these are being relocated as of now.
This decision was reached following a specific procedure as is the case when it comes to important decisions in any sector. It is being stated by the sources that the majority of the people in the council were in favor of new virtual currency regulations and only one person, the commissioner, Matt Moore, was voting against the application of new regulations when it comes to virtual currencies. Thereby, this decision was reached by the governing body.
Matt Moore also went onto state his reasons for being against the ban. He stated that this sort of a ban might deprive the city of an opportunity to gain expertise in the sector and also it would mean losing out on the economic opportunity and he does not wish to lose out on any chance at being stronger financially. However, other people in the council were not of the same opinion. Matt Moore was the only one to suggest that these changes should not be brought about in the sector. Other members of the council also came up with significant reasons to suggest that changes should be brought about in the regulatory patterns. For example, Kathleen Allstot stated that staying away from the market for a definite time period can give a better idea of the way the market functions. Moreover, according to Allstot, it can also help in figuring out the manner in which mining fist the framework of Ephrata.
Another prominent reason for taking this sort of a decision has been that the increase in the virtual currency operations in Ephrata had led to a state of a hindrance for those residing in the place. There has been a situation of shortage of electricity. This is due to the fact that the machinery that is used by the miners consumes a lot of energy, thus resulting in the electricity shortage for the various residents of the place. Washington is the place that provides the sources for mining. A moratorium has been filed that will deal with inspecting the aspects of applications for setting up virtual currency mining firms. PUD council members have also been ordered to look into the theft of power supply that takes place as a result of mining.
Pertaining to the aforementioned reasons, a lot of changes will soon be taking place in the virtual currency sector of Ephrata, Washington.