Share this article
Russia Imposes 6-Year Ban on Crypto Mining in 10 Regions, Citing Energy Use: Tass
Temporary bans may be imposed in other regions during peak energy demand, Tass reported
Dec 24, 2024, 10:12 a.m.
Make us preferred on Google
What to know:
- The Russian government banned crypto mining in 10 regions until March 2031 due to energy consumption demands, according to Tass.
- The regions affected may change, depending on energy usage patterns.
- Periodic bans will also kick in during periods of high power demand.
The Russian government imposed a six-year ban on crypto mining in 10 regions due to the industry's high power consumption, Tass reported.
The ban, which includes participation in a mining pool and temporary restrictions in other regions during periods of peak demand, takes effect Jan. 1 and ends March 15, 2031, Tass said, citing a decision by the Council of Ministers.
STORY CONTINUES BELOW
The country legalized crypto mining in July, with the law taking effect last month. Russia bans the use of cryptocurrencies as legal tender for regular payments internally, but does allow cross-border payments with crypto in an attempt to evade sanctions imposed after it invaded Ukraine.
The regions affected by the ban include Dagestan, North Ossetia and Chechnya, and can be altered depending on a government commission examining changes in energy demand.
The ban also takes into account inter-regional subsidies on electricity that make it cheaper to use power in some regions.
More For You
More For You
CFTC's Selig opens legal dispute against states getting in way of prediction markets
Commodity Futures Trading Commission Chairman Mike Selig fired a legal warning shot defending his agency's jurisdiction over the event contract space.
What to know:
- U.S. Commodity Futures Trading Commission Chairman Mike Selig directed his agency to file an amicus brief declaring his federal agency has authority over the U.S. prediction markets.
- Though the CFTC once fought a legal resistance against such firms as Polymarket and Kalshi, the agency has embraced them during the administration of President Donald Trump, whose son has worked as a paid adviser for the leading companies.
- As Selig defends his agency's jurisdiction in court, he's also pursuing new prediction markets rules for the U.S.
