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Russia to Limit Mining in Energy-Strapped Regions Until 2031
In a bid to combat energy scarcity and environmental concerns, Russia has announced plans to restrict cryptocurrency mining activities in certain regions until at least 2031. This move comes as the country grapples with the impact of Western sanctions on its energy sector.
According to official statements, the Russian government is looking to “optimize” the energy consumption of the digital economy, particularly in areas where resources are scarce. The restriction will apply to specific mining operations that fail to meet newly established environmental and energy efficiency standards.
Notably, this decision coincides with a recent development in Iran, which has announced plans to launch its own central bank-issued cryptocurrency (CBDC) called the “Digital Rial.” As part of this initiative, the Central Bank of Iran will leverage Shetab network for rapid transactions, aiming to bolster the nation’s modern banking status within the region.
Meanwhile, Russia is taking a more measured approach by targeting specific regions that are struggling with energy shortages. This move is seen as an effort to strike a balance between supporting domestic cryptocurrency mining and addressing pressing environmental concerns.
The Russian government has been exploring various avenues to mitigate the impact of sanctions on its economy. In related news, the country’s digital economy is expected to continue growing at a moderate pace, driven in part by increased adoption of cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
In other developments, El Salvador is touting its success with Bitcoin as it engages in talks with China regarding potential investments. Additionally, MicroStrategy has unveiled plans to increase its Bitcoin holdings from 330 million to 10 billion shares.
Sources:
* Iran’s Central Bank Eyes CBDC for Digital Rial
* Russia Restricts Mining Operations Amid Energy Concerns
Source: cryptoslate.com
