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Russia Bans Crypto Mining in 10 Regions Until 2031: Key Details Revealed
In a recent announcement, the Russian government has imposed restrictions on cryptocurrency mining activities in 10 regions until 2029. The move aims to strike a balance between energy consumption and industrial demands.
The new regulations will come into effect starting January 2025, effectively banning all crypto-mining activities in these regions until 2031. The affected areas include Dagestan, Chechnya, and the Donetsk and Lugansk People’s Republics, among others.
This decision follows Russia’s earlier move to legalize cryptocurrency mining in November 2023. As part of this framework, miners are required to register with the Federal Tax Service and provide detailed information about their assets and wallet addresses. Additionally, individual miners are only permitted to mine within a limit of 6,000 kWh per month.
The Russian government has emphasized that the primary goal of these measures is to ensure a stable energy supply for industries while controlling the strain on the energy grid caused by crypto mining activities.
It appears that Russia’s efforts are focused on integrating cryptocurrency activities into its economy in a responsible manner, prioritizing energy stability and industrial demands.
Source: coinpedia.org
