As a researcher with a background in both energy policy and digital currency, I find the recent developments in Russia regarding cryptocurrency mining and regulations particularly intriguing. Having lived through the harsh winters of Siberia and the unpredictable power outages that sometimes accompany them, I can understand the concerns about electricity shortages.
It’s been announced that certain areas in Russia might prohibit cryptocurrency mining because of power outages, as stated by Deputy Energy Minister Evgeny Grabchak.
In the near future, certain areas within Russia may outlaw Bitcoin (BTC) mining as a result of an acute energy scarcity, according to Russia’s official news agency TASS, quoting Deputy Energy Minister Evgeny Grabchak.
At a technology conference, he pointed out that regions like the Far East, southwestern Siberia, and the Southern areas are facing substantial energy shortages right now. These shortages have made it challenging to deliver high electricity capacities before 2030 at the earliest.
After Vladimir Putin signed a new law about cryptocurrency usage on November 1st, it will become effective. This legislation gives the Russian government power to prohibit cryptocurrency mining in certain areas or territories if needed. Additionally, regulations are being established for enforcing these restrictions, which may also affect joining mining pools – networks of servers used for distributing the workload of cryptocurrency mining.
Additionally, the recently enacted legislation forbids promotions about cryptocurrencies and associated services. Earlier this year, Russia’s leading search engine, Yandex, modified its advertisement guidelines to disallow cryptocurrency service ads within their territory.
As per Yandex’s announcement, the ban encompasses advertisements for cryptocurrency exchanges, blockchain services, smart contracts, mining of cryptocurrencies, and initial coin offerings, as well as promotions of income derived from these activities. Moreover, this policy limits ads for services that monitor crypto wallets and transactions for potential money laundering.
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2024-10-30 14:00