Russia Enacts Six-Year Moratorium on Cryptocurrency Mining Across Ten Regions
Crypto/Policy

Russia Enacts Six-Year Moratorium on Cryptocurrency Mining Across Ten Regions

In response to energy consumption issues, Russia has introduced a six-year prohibition on cryptocurrency mining in ten selected regions, with potential adjustments based on energy demand.

Key Points:

  • The Russian government has enforced a six-year ban on cryptocurrency mining in 10 regions due to high energy consumption, according to Tass.
  • The ban includes restrictions on participating in mining pools and temporary bans in other areas during peak energy demand.
  • This ruling will take effect on January 1, 2025, and will last until March 15, 2031, as reported by Tass.

The regions impacted by this ban include Dagestan, North Ossetia, and Chechnya, with potential adjustments depending on a government review of energy demand patterns. This regulation is worth noting against the backdrop of Russia's previous legalization of crypto mining in July, which allows the use of cryptocurrencies for cross-border payments while banning them as legal tender domestically.

(Note: All translations provided are the author's own).

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