Government

During a video conference with the government  held on January 26, Russian President Vladimir Putin instructed the government and the Bank of Russia to seek consensus on the cryptocurrency industry.

The government of Kazakhstan is discussing ways to build new power plants to generate additional energy. With this move, the country aims to support the cryptocurrency mining industry.

Kazakhstan does not have enough energy capacity to meet the needs of the crypto mining industry. For this reason, many of them are fleeing to Russia and the US.

On November 17, the Russian Federal Security Service (FSB) raided the office of a suspected illegal cryptocurrency exchange in a business center in St. Petersburg.

Representatives of the Liberal Democratic Party of Russia plan to submit a draught law on the regulation of cryptocurrency mining. They also suggest setting up a working group with representatives of various government committees to discuss the issue.

Authorities in the city of Karaganda in Kazakhstan have discovered and liquidated a shadow mining farm that was illegally consuming electricity. The increasing activity of shadow miners could lead the country to ban the industry, following China's example.

The Kazakhstan government is concerned about the growing number of underground cryptocurrency miners after restrictions were imposed in early October.

In search of alternative energy sources, Russians are exploring the potential of oil fields in their search for alternative energy sources. Earlier this week, several of the largest local mining companies applied to the government for permission to build mining farms.

More than 20 cryptocurrency companies have announced they are leaving China after the government cracked down on the industry on September 24. This new wave of sanctions paves the way for the US to gain the upper hand in this sector.