Security and regulatory authorities in Libya continue to pursue cryptocurrency mining networks and sites across the country, given the risks this activity poses to the economic and financial aspects of state institutions.
Summary of the Proposal: The report outlines the economic and financial consequences of this activity and its practice outside the framework of law and oversight. It highlights the substantial consumption of electrical energy and the ban imposed by the Central Bank since 2018, which criminalizes investment in digital currencies. This ban aligns with the Central Bank’s role in safeguarding public funds and protecting the country from money laundering. The report also includes expert opinions on this practice.
When Will Filming Take Place and Why?
After the assignment is given.
How to Film the Story (Visual Structure): The filming begins with scenes of security patrols roaming the capital, Tripoli, followed by archival footage released by the Attorney General’s Office showing the Interior Ministry seizing a site in the Al-Sarraj area containing equipment for cryptocurrency mining, along with similar previous seizures. This is followed by an interview with a security official, a statement from a legal expert explaining the legal provisions that criminalize this activity, then a statement from an official at the Central Bank, and finally, input from a financial and economic expert.
Proposed Interviewees and Suggested Questions:
Security Official:
- How many cases have been recorded so far, and what is the fate of those accused of Bitcoin mining?
- Are there any foreign entities or individuals involved in this activity, and how have they been dealt with?
- What security measures do you consider appropriate to curb these activities?
Legal Expert:
- What legal provisions criminalize such activities?
- Are there countries where this activity is permitted, and what regulations, if any, govern its practice?
- Is it possible to regulate this process?
Official at the Central Bank of Libya:
- Why was the investment in digital currencies banned, and what are the financial impacts of this activity?
- What policies has the Central Bank put in place to combat this activity and mitigate its risks to public funds and the national currency?
Financial and Economic Expert:
- How does this process work, and what equipment and energy does it require?
- What is the impact of cryptocurrency mining activities on the economy?
- Are there risks associated with this activity for traders of this currency?