New York State passed a law restricting the mining of cryptocurrency. This was reported by the Associated Press on November 23.
“New York is taking the first step in the nation to put the brakes on the proliferation of cryptocurrency mining under legislation signed into law by Governor Kathy Hockul,” the report said.
The new law imposed a two-year moratorium on issuing new and renewed permits for fossil-fuel power plants that are used to mine using an energy-intensive proof-of-work algorithm. This algorithm is used in mining bitcoins and some other cryptocurrencies.
On November 18, a bill on the regulation of mining in Russia was submitted to the State Duma. It proposes to allow miners to sell mined digital currency in two ways from January 1, 2023 – through foreign systems and through a special Russian platform, which will be created in the framework of the experimental legal regime. In both cases, it will be necessary to notify the Federal Tax Service (FTS) of the transaction. In addition, the bill implies a ban on cryptocurrency advertising.
Earlier, on September 22, Kirill Pronin, Director of the Department of Financial Technologies of the Central Bank of Russia, said that the regulator continues to adhere to its policy on cryptocurrencies and believes that their circulation within Russia should be limited. At the same time, the representative of the Central Bank noted that the Bank of Russia and the Ministry of Finance conceptually agreed on the issue with the area of regulation of mining.