Russia Institutes Partial Ban on Crypto Mining to Control Energy Use, Tass Reports
The Russian government imposed a six year ban on crypto mining in 10 regions due to the industry’s high electricity consumption, Tass reported.
The ban, which includes participation in a mining pool and temporary restrictions in other regions during peak demand, will take effect on January 1 and end on March 15, 2031, Tass said, citing the decision of the Council of Minister.
The country made crypto mining legal in July, when the law took effect last month. Russia bans the use of cryptocurrencies as legal tender for regular payments within, but allows cross-border payments using crypto in a try to avoid penalties imposed after it invaded Ukraine.
The regions affected by the ban include Dagestan, North Ossetia and Chechnya, and may change depending on a government commission examining changes in energy demand.
The ban also considers inter-regional electricity subsidies that make electricity use cheaper in some regions.
