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Russia’s Quest for Regulatory Sanity Ends in Catastrophic Failure Due to Idiotic Banning of Crypto Mining

An illustration depicting an old-fashioned clockwork mechanism with gears jammed together as steam escapes through broken pipes; nearby lies discarded coal amidst scattered papers on which various Russian symbols are scribbled, while a faint image of a cryptocurrency mining rig can be seen in the background covered by dust and cobwebs. In contrast to this scene, there is an isolated section where modern computer hardware components glow softly under dim light as they seem to operate smoothly despite being disconnected from their surroundings;

The eternal quest for Russian lawmakers to regulate something they clearly don’t understand – this time it’s cryptocurrency mining! Who needs clear rules when you can just ban things willy-nilly? And what better way to do so than with a fancy-schmancy term like “energy deficient”? Sounds legit, right

Source: bitcoin.com

The potential for a ban on cryptocurrency mining in regions classified as ‘energy deficient’ has hindered the ability to reach a consensus on the approval of cryptocurrency mining regulations in Russia. The proposed bill, which is expected to pass in August, would give authorities the power to declare mining operations in these regions illegal, based on government considerations. The ongoing attempt of the government to regulate cryptocurrency mining activities in […]

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