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Russia is in Trouble with Cryptocurrency Mining: Banned Until 2031! - Coin Bulletin
The Russian government has made a decision to ban cryptocurrency mining in certain regions.
According to the new regulation, this ban, which starts from 1 January 2025, will be valid until 15 March 2031. The ban decision was made in order to maintain the balance of energy consumption and primarily targets regions with high energy demand.
Prohibited, which areas does it cover?
According to the decree, cryptocurrency mining will be completely banned in the Republic of Dagestan, Ingushetia, Kabardino-Balkaria, Karachay-Cherkessia, North Ossetia, Chechnya, Donetsk and Lugansk People's Republics, as well as in the Zaporizhia and Kherson regions.
In addition, temporary bans will be imposed in some regions of Irkutsk, Buryatia, and Zabaykalsky Kray where energy consumption peaks (from January 1 to March 15 in 2025, and from November 15 to March 15 in subsequent years).
Government officials stated that these bans are not final and can be re-evaluated in line with decisions regarding the development of the energy sector. Officials expressed that these regulations aim to balance energy consumption to meet industrial demand.
Cryptocurrency mining in Russia became legal as of November 2023, subject to certain conditions. Individuals or companies engaged in mining are required to report their assets and cryptocurrency wallet addresses to the Federal Tax Service (FNS).