Russia Bans Crypto Mining in Ten Regions for Six Years
The Russian government has taken a significant step toward regulating the cryptocurrency sector by deciding to ban crypto mining in ten regions of the country for six years. According to IT BOLTWISE® x Artificial Intelligence, this decision will come into effect on January 1, 2025, and remain until March 15, 2031. The prohibition includes both individual crypto-mining activities and those conducted by mining pools.
This move aligns with Russia's existing crypto-mining laws that were signed by the President in August and October 2024. The affected areas include Dagestan, Ingushetia, Kabardino-Balkaria, Karachay-Cherkessia, North Ossetia-Alania, Chechnya, as well as the Donetsk People's Republics (DPR) and Luhansk People's Republics (LPR), along with Zaporizhia and Kherson regions. Additionally, seasonal restrictions have been approved to prevent energy shortages during peak times.
In Siberian regions like Irkutsk—known for its cheap electricity which major companies such as BitRiver rely upon—the government plans partial wintertime limitations from November through mid-March starting next year onwards. However, these constraints are expected to not only affect local operations but also raise questions regarding future prospects within national policies impacting economic outcomes across impacted territories, according to reports cited hereinabove sourced via TASS news agency coverage dated December twenty-fourth last annum.
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