The Russian government has announced a six-year ban on crypto mining in ten of its regions. According to the country’s leading news agency, TASS, starting January 1, 2025, through March 15, 2031, the respective ban will also cover Dagestan, Chechnya, and North Ossetia besides other areas with critically precarious energy situations.
In places like Irkutsk and Buryatia, mining activities will only pause during specific months. Operations will halt from January to mid-March in 2025 and extend to a seasonal freeze from November to mid-March in later years.
Officials have clarified that the banned and restricted regions list may change based on recommendations from the energy sector’s legal committee. The goal is to manage energy resources effectively while accommodating regional needs.
Despite the legalization of crypto mining in August, the sector in Russia has not seen significant growth. Data from Cambridge University reveals Russia’s share in global Bitcoin mining has dropped from 11% in 2021 to 4.7% currently.
However, the government has shown a more supportive approach toward other crypto activities. Plans include cross-border crypto payments and state-backed crypto exchanges. Lawmakers have even suggested holding Bitcoin reserves to strengthen financial stability.
However, the government has shown a more supportive approach toward other cryptoactivities. Plans include cross-border crypto payments and state backed cryptoexchanges. Lawmakers have even suggested holding Bitcoin reserves to stren
These decisions highlight Russia’s cautious yet evolving stance on cryptocurrency in 2024.
