Russia to Ban Crypto Mining 'In Some Regions' Due to Electricity Shortages - Decrypt
decrypt.co
Russia to Ban Crypto Mining 'In Some Regions' Due to Electricity Shortages
Russian President Vladimir Putin signed a law allowing cryptocurrency mining in the country in August 2024. Months after legalising crypto mining, Russia has announced a ban on the practice "in some regions" due to electricit
1 Users
0 Comments
4 Highlights
0 Notes
Summary
- ⚡ Russia is set to ban cryptocurrency mining in certain regions due to electricity shortages.
- 🏛️ President Vladimir Putin legalized crypto mining in August 2024, allowing registered entities to mine.
- 🌍 The ban affects regions like the Far East, southwest Siberia, and the South, with limitations expected until 2030.
- 📜 Unregistered mining entities face restrictions based on energy limits under the new law.
- 💰 The legalization of crypto mining follows efforts to use digital currencies for international settlements amid Western sanctions.
Top Highlights
- Russia to Ban Crypto Mining 'In Some Regions' Due to Electricity Shortages Russian President Vladimir Putin signed a law allowing cryptocurrency mining in the country in August 2024.
- Months after legalising crypto mining, Russia has announced a ban on the practice "in some regions" due to electricity shortages. According to a report in Russian state news agency TASS, Deputy Head of the Ministry of Energy of the Russian Federation Yevgeny Grabchak announced that, "mining in the near future will be prohibited at the state level ...
- Grabchak stated that electricity shortages in certain regions were behind the ban. "We, for example, already have scarce zones—this is the Far East, this is the southwest of Siberia, this is the South," he said, adding that capacity will be limited in those regions "until 2030." In August 2024, Russian President Vladimir Putin signed a law allowin...
- The law also permits Russian residents to trade digital currencies. It came on the heels of a bill legalizing cryptocurrency for international settlements, widely seen as an effort to circumvent sanctions imposed by Western countries. Cryptocurrency mining involves using computers to verify transactions on a digital currency's underlying blockchai...
Domain
Ready to highlight and find good content?
Glasp is a social web highlighter that people can highlight and organize quotes and thoughts from the web, and access other like-minded people’s learning.