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Russia has announced a six-year ban on crypto mining in key regions starting from 2025. The decision comes as a result of the ongoing electrical crisis affecting certain areas and the government’s desire to regulate digital currency turnover.
As reported by Bitcoinist, President Vladimir Putin approved a law regulating digital currency turnover last month, allowing for the prohibition of mining activities in specific regions or individual territories and determining the conditions and cases of these restrictions. The legislation also granted the Russian government the power to control the miners’ register, which is part of the registry created in August to give the mining sector a legal status within the country.
Since the new regulations came into effect on November 1, over 150 companies have applied for a crypto mining license to operate legally in Russia.
The ban will be implemented in key regions and not nationwide, with the aim of reducing energy consumption and addressing local electrical shortages.
Source: bitcoinist.com
