Global #Russia

In response to severe electricity shortages, authorities in Dagestan, a republic in Russia, are ramping up efforts to shut down illegal underground crypto mining farms. Local officials blame these operations for significant power theft and frequent outages that have affected residents.

In a recent crackdown, Moscow police have dismantled a suspected “cross-border” cryptocurrency exchange that they believe facilitated illegal money transfers for Russian clients.

In a significant development for the cryptocurrency landscape in Russia, Anatoly Aksakov, Chairman of the Russian State Duma Committee on Financial Markets, has announced that the country will implement regulations governing cryptocurrency trading by November.

Russia is intensifying its crypto mining ambitions with a major new project in the Komi Republic. The northeastern region of the country has announced plans to build 15 new crypto mining data centers, signaling a robust commitment to expanding its digital asset infrastructure.

Russia introduced a significant legal shift by allowing the use of cryptocurrency for foreign trade settlements. This move marks a notable step towards integrating digital assets into the country’s financial system, though full regulation of this activity remains pending.

Russia is poised to begin trials for crypto exchanges starting September 1, as part of a strategic move to mitigate the impact of international sanctions. According to Bloomberg, citing knowledgeable sources, these trials will focus on enabling conversions between rubles and cryptocurrencies through the National Payment Card System, which is regulated by the Bank of Russia.