Crypto Mining Regulation is Being Proposed by Russian Official, Report

Vasily Shpak, Russia’s Deputy Minister of Business and Trade, has asked for cryptocurrency mining to be regulated since the industry has grown too huge to ignore. According to the survey, crypto mining activities used more than 2% of the country’s overall power consumption, surpassing the electricity used by the agriculture sector. Crypto mining is currently in a grey area without being taxed, according to Shpak. However, as an industrial activity, he noted that the industry must be recognized and regulated. Before the invasion of Ukraine, Russia’s central bank called for a crypto ban, but it has since granted Sberbank, the country’s largest bank, a license to trade in digital assets. The Russian government and central bank, on the other hand, may achieve an agreement that allows cryptocurrencies to be used for foreign payments. A deputy warden at Russia’s oldest prison is being probed for allegedly mining cryptocurrencies in the facility and diverting electricity earlier this month. A deputy warden at Russia’s oldest prison is being investigated for allegedly mining cryptocurrencies in the facility while stealing energy. According to the article, the deputy manager of Butyrskaya jail in downtown Moscow has been suspected of putting up a crypto mining farm with hardware seized in the prison’s psychiatric clinic. According to a media source citing investigators, the mining equipment was installed in November and was in use unti...