Russia Bans Bitcoin and Cryptocurrencies! Here Are the Details…

Bad news came from Russia, which recently allowed Bitcoin (BTC) and cryptocurrency payments in international payments

Russia will ban cryptocurrency mining in some regions, including occupied Ukrainian territories, this winter, local news agency The Moscow Times reported.

Russian authorities plan to ban cryptocurrency mining in some regions, including the occupied territories of Ukraine, in an effort to prevent power outages in preparation for the winter season.

It was reported that the government commission established for the plan aimed at restricting crypto mining activities was chaired by Deputy Prime Minister Alexander Novak.

According to the ban plan, mining activities are banned in six regions of the North Caucasus and the occupied Ukrainian regions from December 2024 to March 2031.

Mining activities will also be banned in the Zabaikalsky region in Siberia from December 2024 until mid-March next year, followed by annual restrictions during the winter season until 2031.

The planned mining ban comes after Russian President Vladimir Putin signed new laws regulating cryptocurrency mining earlier this month.

*This is not investment advice.