Russia cracks down on illegal crypto miners, India lobbies for CBDCs: Global Express
India is urging other countries to develop CBDCs, and China is expanding the use of its digital yuan, allowing banks to offer interest on e-CNY wallets.
Russia’s Ministry of Justice has proposed new fines for unregistered cryptocurrency miners. This comes after the finance minister raised concerns about the rise in unauthorized mining activities.
A draft bill proposed by the ministry would impose a fine of 1.5 million rubles (about $19,000) and up to two years in a labor colony. Illegal mining involving “outsized profits” could see a maximum of five years in prison, 480 hours of forced labor and a fine of up to 2.5 million rubles.
Unregistered miners are a growing problem in Russia, where only 30% have registered their operations as of June 19, according to Deputy Minister of Finance Ivan Chebeskov.