Russian Energy Firms Prepares to ‘Hunt’ Private Crypto Miners
Russian energy firms are preparing to “hunt down” private crypto miners and crack down on people mining cryptoassets at home, a report claimed on May 12.
The media outlet Izvestia said the Russian Government Expert Council was preparing to send fresh mining-related proposals to the Cabinet.
Lawmakers want to bundle the proposed measures in a new package of crypto laws. These laws also aim to legalize industrial crypto mining and ban most domestic exchanges.
⚡️ Russian Government Crypto Chief: Mining Regulation Is Our Priority
The Russian government’s crypto working group chairman believes Bitcoin (BTC) mining regulation is now a priority for Moscow.#CryptoNews #newshttps://t.co/Gqdg4vwnZB
— Cryptonews.com (@cryptonews) April 9, 2024
The media outlet noted that the council will send written proposals, which its reporters have already seen, to the Cabinet on May 16.
The documents propose using electricity meter technology to identify suspected miners. Data analysts will “compare declared readings with actual electricity usage” using “remote checking solutions.”
The document also explains how power firms will fine “illegal” miners. The document proposes allowing power companies to charge home-based offenders at “higher rates.”
These rates are typically reserved for “industrial enterprises.”
US Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the developer of a Russian Drone, OKO Design Bureau. What happens next?#OFAC #USA #Russiohttps://t.co/7Bs0KuoPw1
— Cryptonews.com (@cryptonews) May 2, 2024
Dmitry Tortev, of the Federal Antimonopoly Service of Russia, told the media outlet that the move would allow power providers to act without the need to go through the legal system. He said:
“At present, electricity suppliers need
Read more on cryptonews.com
