Russia Issues 6-Year Ban on Crypto Mining in 10 Regions 🇷🇺
Russia is regulating its crypto sector more stringently. President Vladimir Putin's August decision to legalize crypto mining has led to extensive new rules intended to balance national energy needs.
The country plans a six-year ban on cryptocurrency mining in ten regions, including Dagestan and Chechnya, starting January 2025. Some areas face seasonal mining restrictions instead of a full ban.
The list of banned and restricted regions isn't fixed. Adjustments may follow as the legal committee on energy sector development monitors and decides to maintain energy consumption balance.
Interestingly, Sergei Kolobanov, Deputy Director of CSR, noted potential lifting of restrictions post-market liberalization if capacity suffices. Russia currently holds 4.7% of the global hashrate, much lower than its previous share.
Russia's crypto-oriented policies in 2024 include allowing cross-border payments and planning state-backed exchanges, showing a more open approach despite limited mining growth.
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