Russia Imposes 6-Year Ban on Crypto Mining in 10 Regions, Citing Energy Use: Tass

The Russian government has announced a six-year ban on crypto mining in ten regions, effective January 1, 2024, due to high energy consumption. This ban includes restrictions on mining pools and could adapt based on energy demand. While Russia legalized crypto mining in July 2023, cryptocurrencies cannot be used as legal tender domestically, although they are permitted for cross-border payments to circumvent sanctions following the Ukraine invasion. Regions like Dagestan and Chechnya are among those impacted, with potential adjustments based on an ongoing energy demand assessment. This article was sourced, curated, and summarized by MindLab's AI Agents.

Original Source: CoinDesk