fbpx
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA
Tuesday, March 28, 2023
Online Crypto College
CREATE FREE ACCOUNT
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • Login
No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • Login
No Result
View All Result
Online Crypto College
No Result
View All Result

Russia To Regulate Crypto Mining Despite Surge In Electricity Consumption

May 30, 2022
in Regulation
Reading Time: 3 mins read
A A
Russia To Regulate Crypto Mining Despite Surge In Electricity Consumption
ShareShareShareShareShare

Related articles

SD lawmakers fail to override Gov. Noem's cryptocurrency regulation veto – Fox News

SD lawmakers fail to override Gov. Noem's cryptocurrency regulation veto – Fox News

March 27, 2023
Binance calls CFTC charges ‘unexpected,’ says it will cooperate with regulators

Binance calls CFTC charges ‘unexpected,’ says it will cooperate with regulators

March 27, 2023

Russian Deputy Head of the Ministry of Industry and Trade in a speech today at the United Russia discussion platform revealed the country’s move to regulate crypto mining. He was speaking on the development of blockchain technologies and the regulation of digital financial assets. 

Crypto Mining Consumes More Electricity Than Agriculture

Crypto mining has reportedly been said to consume over 2% of Russia’s total electricity energy despite mining activities falling within the gray zone. That is, even more than the total energy supply consumed by Agriculture. Talks of legalizing mining of cryptocurrencies in Russia began after a proposal to ban all cryptocurrency activities in the country was published in a report by the country’s Central Bank. 

Speaking early last month, Russian Prime Minister, Mikhail Mishustin, revealed the government and the Central Bank were in agreement over the prohibition of cryptocurrency as a legal tender, though mining activity was subjected to discussion. 

According to Shpak, while cryptocurrency currently falls in the gray zone, its high electricity consumption makes it worthy of being considered an industrial activity. He believes “mining must be recognized, regulated and built into industrial activity.”

New Russian Crypto Bill Disannuls Promise Of Amnesty To Crypto Miners

According to the website of the house, a bill “On Mining in Russian Federation ” was submitted to the lower house of the Russian parliament, the State Duma, on the last Friday of April.

The bill mandates all crypto users and miners in the country to register and only registered entities would be granted mining rights. An amnesty program was put in place to allow registered miners clear themselves with customs. 

Less than a month later, the draft of the crypto mining bill has been remade. The new bill, which was presented to the house last Friday, has witnessed an omission of several key points from the first draft. From a general perspective, the text contained within the bills are unchanged but certain subsections have been found to be missing. Two outstanding subsections now missing are the provision of a mining registry for registered users and the promise of amnesty to those registered users. 

The absence of a mining registry means there is a provision of a standard procedure for companies wishing to be corporately registered. The promise of amnesty has been written off as they could “possibly incur costs on the federal budget.”

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


Credit: Source link

ShareTweetSendPinShare
Previous Post

Three Crypto Coins to Watch Out for in the Current Bear Market

Next Post

Lucky investors exited just before the Terra crash making huge money

Related Posts

SD lawmakers fail to override Gov. Noem's cryptocurrency regulation veto – Fox News

SD lawmakers fail to override Gov. Noem's cryptocurrency regulation veto – Fox News

March 27, 2023

SD lawmakers fail to override Gov. Noem's cryptocurrency regulation veto  Fox NewsSouth Dakota gov's veto of cryptocurrency regulations upheld  The Associated PressSouth...

Binance calls CFTC charges ‘unexpected,’ says it will cooperate with regulators

Binance calls CFTC charges ‘unexpected,’ says it will cooperate with regulators

March 27, 2023

Ad Binance has responded to charges filed by the Commodities and Futures Trading Commission (CFTC) in a statement provided to...

The CTFC is suing Binance for violating crypto regulation – Quartz

The CTFC is suing Binance for violating crypto regulation – Quartz

March 27, 2023

The CTFC is suing Binance for violating crypto regulation  Quartz Credit: Source link

Contagion from SVB’s collapse highlights need for banking system resilience, says Fed official

Contagion from SVB’s collapse highlights need for banking system resilience, says Fed official

March 27, 2023

Ad FDIC guarantees all deposits but investors suffer losses in SVB and Signature failures, with Basel III endgame reforms crucial...

Crypto regulation: A postmortem after Silvergate, Signature, and … – AltFi

Crypto regulation: A postmortem after Silvergate, Signature, and … – AltFi

March 27, 2023

Crypto regulation: A postmortem after Silvergate, Signature, and ...  AltFi Credit: Source link

Load More
Next Post
Lucky investors exited just before the Terra crash making huge money

Lucky investors exited just before the Terra crash making huge money

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Coinbase’s Brian Armstrong criticizes US crypto regulation, SEC behavior in Twitter Space

Coinbase’s Brian Armstrong criticizes US crypto regulation, SEC behavior in Twitter Space

March 23, 2023
Avalanche’s C-chain halts block production for an hour: A bug or a feature?

Avalanche’s C-chain halts block production for an hour: A bug or a feature?

March 27, 2023
How Many SHIB Tokens Are ‘Staked’ To Earn Passive Income?

How Many SHIB Tokens Are ‘Staked’ To Earn Passive Income?

March 21, 2023
Coinbase CEO Compares SEC to Soccer Refs in Criticism of Lack of Clarity Around Crypto Regulation

Coinbase CEO Compares SEC to Soccer Refs in Criticism of Lack of Clarity Around Crypto Regulation

March 24, 2023
MetaMask Enables Direct Bank Transfers for Crypto Purchases in Nigeria

MetaMask Enables Direct Bank Transfers for Crypto Purchases in Nigeria

March 22, 2023

About Us

We provide the latest crypto news, trading tools, and up-to-date education to students and traders all over the world.

ENROLL FOR FREE

Latest Crypto Headlines

  • Titanium Blockchain CEO Sentenced to Four Years in Prison
  • Vaneck CEO Predicts Bull Cycle for Bitcoin and Gold — Expects Fed Tightening to End Soon – Markets and Prices Bitcoin News
  • Do Kwon’s Montenegro detention extended, registered Serbian company before arrest as fugitive
  • SD lawmakers fail to override Gov. Noem's cryptocurrency regulation veto – Fox News
  • Coinbase Identifies Four Key Innovations for its Layer-2 Network
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • Login
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 - OnlineCryptoCollege.com - All rights reserved!

No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • Login

© 2018 JNews by Jegtheme.

  • bitcoinBitcoin(BTC)$26,979.00-3.28%
  • ethereumEthereum(ETH)$1,709.46-3.55%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.000.06%
  • binancecoinBNB(BNB)$309.83-5.40%
  • usd-coinUSD Coin(USDC)$1.000.15%
  • rippleXRP(XRP)$0.4750546.01%
  • cardanoCardano(ADA)$0.345230-2.27%
  • dogecoinDogecoin(DOGE)$0.072838-1.60%
  • staked-etherLido Staked Ether(STETH)$1,699.23-4.01%
  • matic-networkPolygon(MATIC)$1.04-5.58%
  • binance-usdBinance USD(BUSD)$1.000.28%
  • solanaSolana(SOL)$19.76-5.19%
  • polkadotPolkadot(DOT)$5.82-3.50%
  • litecoinLitecoin(LTC)$87.36-6.27%
  • shiba-inuShiba Inu(SHIB)$0.000010-2.23%
  • tronTRON(TRX)$0.063741-0.53%
  • avalanche-2Avalanche(AVAX)$16.41-3.07%
  • daiDai(DAI)$1.000.08%
  • uniswapUniswap(UNI)$5.61-2.85%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$27,020.00-3.26%
  • chainlinkChainlink(LINK)$6.81-5.79%
  • leo-tokenLEO Token(LEO)$3.38-2.61%
  • cosmosCosmos Hub(ATOM)$10.74-4.75%
  • ToncoinToncoin(TON)$2.10-0.75%
  • ethereum-classicEthereum Classic(ETC)$19.77-2.14%
  • moneroMonero(XMR)$151.05-5.67%
  • okbOKB(OKB)$42.551.46%
  • Aerarium FiAerarium Fi(AERA)$7.15-13.10%
  • stellarStellar(XLM)$0.0918740.28%
  • bitcoin-cashBitcoin Cash(BCH)$120.17-2.83%
  • filecoinFilecoin(FIL)$5.31-6.10%
  • true-usdTrueUSD(TUSD)$1.000.37%
  • AptosAptos(APT)$10.97-8.07%
  • lido-daoLido DAO(LDO)$2.06-4.19%
  • hedera-hashgraphHedera(HBAR)$0.058566-4.61%
  • quant-networkQuant(QNT)$118.43-3.43%
  • crypto-com-chainCronos(CRO)$0.067537-1.96%
  • nearNEAR Protocol(NEAR)$1.83-6.17%
  • vechainVeChain(VET)$0.021762-4.69%
  • ArbitrumArbitrum(ARB)$1.13-14.12%
  • apecoinApeCoin(APE)$3.89-2.95%
  • algorandAlgorand(ALGO)$0.199455-4.98%
  • internet-computerInternet Computer(ICP)$4.71-5.28%
  • blockstackStacks(STX)$0.88-12.33%
  • eosEOS(EOS)$1.08-4.82%
  • the-graphThe Graph(GRT)$0.132742-5.48%
  • fantomFantom(FTM)$0.406166-7.84%
  • the-sandboxThe Sandbox(SAND)$0.59-5.89%
  • fraxFrax(FRAX)$1.000.07%