The Russian government has banned cryptocurrency mining in ten regions for a period of six years. . Russia cited the industry’s high rates of energy consumption as the main reason for the ban. Crypto is particularly energy intensive, as mining operations already represent energy .
This ban comes into effect on January 1 and lasts until March 15, 2031. The country’s Council of Ministers also said that additional bans may be necessary in other regions during periods of peak energy demand. It could also go the other way. The ban could be temporarily lifted or modified in some regions if a government commission examines changes in energy demand and deems it necessary.
Cryptocurrency mining has not been as the country experienced a . Miners must register with the Ministry of Digital Development and energy consumption limits are constantly monitored.
The country has banned the use of cryptocurrencies but allows cross-border payments. This latest move is widely seen as an attempt by Russia to avoid sanctions. .
Russia is not the only country to put a stop to cryptocurrency mining due to the industry’s obscene energy demand. Kosovo to save electricity during an energy crisis. Angola . The law in this country goes even further and criminalizes cryptocurrency mining. Several European countries, began to strictly regulate the industry due to energy shortages.
