Related post:

Russian c.bank proposes banning cryptocurrencies, crypto mining
#8539

The proliferation of mining operations across Russia had created problems for energy consumption. Because of this "the best solution is to introduce a ban on cryptocurrency mining in Russia."

The biggest issue highlighted in the report is mining, which has flourished across Russia in recent years. Presently, Russia is the third-largest player in bitcoin mining, behind only the US and former Soviet Republic Kazakhstan. But, as Reuters points out, miners in Kazakhstan have been looking for greener pastures ever since the start of the latest round of unrest. As of August 2021, Russian miners accounted for 11.2% of the bitcoin network's hashrate.

Russia needs new laws that would effectively ban any crypto-related activities in the country. This ban should apply to exchanges, over-the-counter trading and peer-to-peer trading, the report said.