Russia to ban cryptocurrency mining in regions with power shortages
The affected areas include the Far East, southwestern Siberia, and the South.
Russia is set to ban cryptocurrency mining in certain areas due to severe electricity shortages, Deputy Energy Minister Evgeny Grabchak announced. Key regions affected include the Far East, southwestern Siberia, and the South, all experiencing energy deficits that limit their ability to provide sufficient power until 2030.
The announcement aligns with new legislation signed by President Vladimir Putin, effective 1 November, giving the government authority to ban crypto mining in specific regions. The law also restricts crypto-related advertising, including promotions for mining, blockchain services, and crypto exchanges. Russia’s largest search engine, Yandex, has already updated its policies, banning ads linked to crypto activities within the country.
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