Russian govt commission supports banning cryptocurrency mining in autumn-winter period in number of Russian regions -deputy energy minister

MOSCOW. Nov 19 (Interfax) - The Government Energy Commission supports the introduction of a ban on cryptocurrency mining during the autumn-winter period in several Russian regions, Deputy Energy Minister Evgeny Gribchak said.

Moscow is not currently included in this list, he said.

It is planned that the ban will be introduced for the entire Irkutsk region and parts of Buryatia and Trans-Baikal Territory during the autumn-winter heating season until 2031. It is proposed that restrictions also be introduced on mining activities in Dagestan, North Ossetia, Ingushetia, Chechnya, Kabardino-Balkaria, Karachay-Cherkessia, the Donetsk and Lugansk People's Republics, and the Zaporozhye and Kherson regions until 2031, the government's press service said on Tuesday.

The Energy Ministry has been tasked in collaboration with energy companies with developing a mechanism to monitor implementation of the ban, freeing up electricity capacity used by mining entities for technically connecting other consumers, especially those with socially significant status. The ministry is also working on introducing the ban in other regions, including those where programs to enhance the reliability of the electrical grid system are funded by the state budget.

The State Duma passed a bill on cryptocurrency mining in late July. Under the bill, starting from November 1, 2024, all companies and individual entrepreneurs engaged in cryptocurrency mining in Russia must register in a special registry. This provision will come into force on March 1, 2025. The Russian government was granted the authority in October to impose a ban on cryptocurrency mining, including participation in mining pools, in specific regions or territories of the country.