Crypto Mining Banned by This Country….

Trading of cryptocurrencies has increased rapidly in the last few years. Russia is among the major countries mining Bitcoin, the most popular cryptocurrency in this market. However, due to high electricity consumption, Russia has imposed a six-year ban on crypto mining in 10 regions.

Russian news agency Tass Report It has been reported that from the beginning of next year, a ban has been imposed on joining mining pools in 10 regions of Russia. This decision has been taken by the Council of Ministers. Russia legalized crypto mining in July. Although there is a ban on the use of cryptocurrencies for payments in Russia, their use has recently been allowed for foreign payments. This exemption has been given to avoid the stringent sanctions imposed by many western countries including America due to the attack on Ukraine. Regions with a ban on crypto mining include Dagestan, North Ossetia and Chechnya. Many international companies have also closed their businesses in Russia.

Recently, Russia amended the law to allow the use of cryptocurrencies to deal with the restrictions of Western countries. Russia’s Finance Minister Anton Siluanov said, “Bitcoins mined in Russia are allowed to be used.” Russia is among the major countries mining Bitcoin. “These types of transactions are taking place. We believe it should be expanded,” Siluanov said. He said that in future international payments can be made in digital currencies.

Earlier this month, Russian President Vladimir Putin had said that the current US government is reducing the role of the US dollar by using it for political purposes. Because of this many countries are having to turn to alternative assets. He gave the example of Bitcoin among these types of assets. Putin said that no one can regulate Bitcoin. Recently Bitcoin created a new high level of more than $1,08,000. Russian companies are using Bitcoin in business abroad.