Khakassia did not impose a ban on cryptocurrency mining

The Russian government has decided not to impose a ban on cryptocurrency mining in the Republic of Khakassia, since there is no expected electricity shortage in the region, and possible restrictions on the mining of digital assets could lead to a reduction in tax revenues.

This decision became part of a broader discussion of the situation with energy consumption and regulation of crypto mining in the regions of the country. At the same time, the issue of introducing a year-round ban on mining in the Zabaikalsky Krai and the Republic of Buryatia was temporarily postponed for two months. During this period, the Russian authorities intend to analyze the lost profits of energy companies associated with the possible cessation of miners' activities, as well as prepare legal mechanisms for the redistribution of freed-up electrical capacity in favor of socially significant consumers - such as housing and communal services, budgetary organizations and other priority areas.

In addition, the Ministry of Energy and the Federal Antimonopoly Service (FAS) have been instructed to work with representatives of the energy sector to develop recommendations to encourage miners to locate their facilities in regions where there is an excess of electricity. This approach should help to more evenly distribute the load on the energy system and at the same time preserve the economic effect of the presence of crypto mining in remote and low-load areas.