Russia Plans To Ban Cryptocurrency Mining In Occupied Ukrainian Territories

According to Odaily, Russian authorities have announced plans to prohibit cryptocurrency mining in territories occupied in Ukraine. Deputy Prime Minister Alexander Novak led a meeting with senior ministers to discuss the country's "difficult regime balance" and its impact on the electricity sector, which faces supply and capacity shortages during the autumn and winter seasons. The Russian government reportedly intends to extend the proposed cryptocurrency mining ban to occupied Ukrainian regions such as Donetsk, Luhansk, Zaporizhzhia, and Kherson. Additionally, six regions in Russia's North Caucasus will also face a comprehensive ban on cryptocurrency mining activities until 2031. Meanwhile, parts of Irkutsk, Buryatia, and the Trans-Baikal Territory will experience partial mining bans during the autumn and winter months, also extending until 2031. In July, Russia passed a law legalizing cryptocurrency mining starting November 1. This development means that the transition from legalization to prohibition occurred within a mere 18 days.