Image by Stealth2021
Please Follow us on Gab, Minds, Telegram, Rumble,Truth Social, Gettr
Crypotcurrency regulation is evolving in the eastern bloc, with energy usage, and government control the top drivers.
Starting November 1, individual entrepreneurs and private citizens will be able to engage in cryptocurrency mining, provided they are registered with the Federal Tax Service. Individuals may mine cryptocurrency without registration as long as their electricity consumption does not exceed a limit established by the state, according to Sergey Bezdelov, director of the Industrial Mining Association (IMA), reported Russian state news agency TASS.
Under the new legislation, the government has the authority to prohibit mining activities in certain Russian regions and to establish guidelines for implementing such restrictions. Anna Nikitchenko from Business Russia noted that these restrictions may be necessary in areas facing energy shortages, given that cryptocurrency mining is an energy-intensive process. Deputy Energy Minister Yevgeny Grabchak has indicated that some regions will soon be banned from cryptocurrency mining.
This new law is set to legitimize industrial mining in Russia, which has previously lacked regulation, the expert emphasized. According to Bezdelov, Russia ranks second in mining capacity globally, trailing only the United States, and has already surpassed the U.S. in terms of industry growth. He believes that starting November 1, the competition for digital resources between Russia and the United States will enter a new phase.
‘NO AD’ subscription for CDM! Sign up here and support real investigative journalism and help save the republic!‘
- Serbian Deputy Prime Minister Warns An Assassination Attempt On Orbán Being Prepared
- Serbian President Warns Major War Could Erupt In The Next 3-4 Months
- Republika Srpska Moves To Establish New Bank To Bypass US Sanctions
