Russia is considering slapping special energy tariffs on cryptocurrency miners after China's industry ban triggered a wave of migration.
There was an exodus of cryptocurrency miners to Russia after bitcoin mining operations in China were told to shut down in June.
China's clampdown also resulted in other countries such as the US, and Kazakhstan seeing a rise in cryptocurrency mining activity.
Energy Minister Nikolai Shulginov is exploring ways to distinguish energy consumption for cryptocurrency mining to prevent miners from consuming electricity at residential tariffs and maintain the reliability and quality of the power supply.
Russia President Vladimir Putin also expressed concern about the energy-intensive process of cryptocurrency extraction, which would require the use of traditional sources of energy, primarily hydrocarbons.
However, Deputy Minister of Finance Alexey Moiseev also said that Russia is not planning to follow China's footsteps in banning its citizens from buying cryptocurrency.
While press secretary Dmitry Peskov said in early September that their country is not ready to recognize bitcoin, Russia has been advancing towards regulating its crypto space, which includes the adoption of relevant legislation such as their Digital Financial Assets law.


Wall Street Futures Slip as Oracle Earnings Miss Reignites AI Spending Concerns
Oil Prices Rebound in Asia as Venezuela Sanctions Risks Offset Ukraine Peace Hopes
Asian Currencies Hold Steady as Indian Rupee Slides to Record Low on Fed Outlook
Gold Prices Dip as Markets Absorb Dovish Fed Outlook; Silver Eases After Record High
Fed Rate Cut Signals Balance Between Inflation and Jobs, Says Mary Daly
Hong Kong Cuts Base Rate as HKMA Follows U.S. Federal Reserve Move
US Signals Openness to New Trade Deal as Brazil Shows Willingness, Says USTR Greer
Ireland Limits Planned Trade Ban on Israeli Settlements to Goods Only
S&P 500 Slides as AI Chip Stocks Tumble, Cooling Tech Rally 



