The Russian government imposed a six-year ban on crypto mining in 10 regions due to the industry’s high energy consumption, Tass reported.
The ban, which includes participation in a mining pool and temporary restrictions in other regions during periods of peak demand, comes into force on January 1 and ends on March 15, 2031, Tass said, citing a decision of the Council of Ministers .
The country legalized cryptocurrency mining in July and the law came into effect last month. Russia prohibits the use of cryptocurrencies as legal tender for regular domestic payments, but allows cross-border payments with cryptocurrencies in an attempt to evade sanctions imposed after invading Ukraine.
Regions affected by the ban include Dagestan, North Ossetia and Chechnya, and may be modified depending on a government commission examining changes in energy demand.
The ban also takes into account interregional electricity subsidies that make energy use cheaper in some regions.
